Traditional IRA Accounts

With a Traditional IRA, you make contributions with money you may be able to deduct on your tax return. Any earnings potentially grow tax-deferred until you withdraw them in retirement.

Benefits

Contributions are tax deductible
Penalty-free withdrawals after age 59 1/2
No Income limits on participation
Contributions are protected from creditors
Can be set up with another retirement plan

Advantages

Eligibility	Includes individuals less than 70½ years of age Must have earned income Must have earned income
2019 Contributions	Contributions may be tax deductible with a maximum contribution of $6,000 ($7,000 if age 50 or older)
Earnings	Earnings can grow tax deferred
Withdrawals	After age 59 1/2 withdrawals are penalty-free, but taxed as current income 10% early withdrawal penalty may apply for withdrawals taken prior to age 59½ Minimum required distributions (MRDs) starting at age 70½
Funding Your Account	Use earned income Rollover funds from a 401(k) Transfer an IRA

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Benefits

Advantages