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Retirement Accounts

Traditional IRA

Traditional IRAs allow your retirement investments to grow tax deferred. This means you won't pay taxes on any interest earned in the account until you begin making withdrawals at retirement age. Contributions may also be tax deductible. There are restrictions for when you can begin making withdrawals from an IRA without penalties, so it's important to discuss your retirement plans with a financial advisor.

Eligibility: Taxpayers who have earned income

Nonworking spouses under age 70-1/2
Investment Minimum: $2,000
Contribution Limit: $5,500 per year

$6,500 per year, if over 50 years old
Income Restrictions: None.

However, income affects deductibility of contributions in employer plans.
Tax Considerations: Earnings grow tax deferred
Contributions are tax deductible
(Dependent on income and if your plan is employer sponsored. Consult your tax advisor for details.)
Withdrawal Restrictions: For retirement purposes only

Withdrawals will be taxed at the income tax rate at time of withdrawal

10% tax penalty may apply to withdrawals before age 59-1/2

Withdrawals must begin before age 70-1/2
Control of Account: Account holder