With a Traditional IRA you don’t pay taxes until the money is withdrawn at retirement age. It can be a tax-savvy way to save for your retirement. Not only will you grow your retirement account more quickly through tax-deferred investment earnings, but a Traditional IRA can also reduce your current-year taxable income by the amount of your IRA contributions.
- Tax-deferred earnings so you can grow your savings
- Available to individuals with earned income who are age 70 ½ or younger
- Only pay taxes upon disbursement
- Tax deductions for IRA annual contributions (subject to eligibility criteria)
- Annual contribution limits may apply