It's easy to put off starting your retirement fund when it seems so far away. But that's exactly when you should start saving! The more time you have to save, the more money you can have set aside when it's finally time to start enjoying the quiet life. A traditional IRA is a tax-advantaged way to start building your nest egg, earning dividends that will take care of you in your golden years.
Get a tax-break as you save for retirement with a Traditional IRA.
- Save money for retirement
- Dividends compound monthly
- Add to your IRA with automatic payment deposits
- Roll over existing retirement funds to your IRA
- No annual maintenance fees
- Dividends are tax deferred if you take qualified distributions
- Contributions may be tax-deductible for "active participants" on an employer sponsored plan.*
- Yearly contributions not required
- Customize distributions beginning at age 59½
- Available to anyone age 18 to 70½ and their non-working spouse
- $5,000 contribution limit per year
- $1,000 "catch-up" contribution for age 50 and up
- Early withdrawals (before the age of 59½ subject to penalty**
- Mandatory withdrawals at age 70½^
- $10 minimum deposit to open
*Consult with a tax advisor about this and other aspects of IRAs. Deductibility is available on a sliding scale according to your income.
**Certain exceptions apply, such as healthcare, purchasing first home, education, etc. Early withdrawals are subject to income taxes.
^The Worker, Retiree and Employer Act of 2008 waives the required minimum distributions for 2009 (the mandatory withdrawals for those 701/2 are not required for 2009.)
NCUA insured up to $250,000
- Which is better for me, a Traditional IRA or a Roth IRA?
- How much will my Traditional IRA be worth at retirement?
- How much will my Roth IRA be worth at retirement?
- How long will my retirement last?
- What rate do i need to support my retirement?
- How much do I need to fund my retirement?
- How much can I spend each month in retirement?