May be a good choice if you are seeking a tax deduction now, your income is too high to be eligible for a Roth IRA, or expect to be in a lower tax bracket in retirement.
- A Traditional IRA is your opportunity to make tax-deferred and possibly tax-deductible contributions to your retirement savings.
The benefits of a Traditional IRA include:
- Tax-deferred growth potential.
- The ability to deduct your contributions (if you participate in a plan at work, your eligibility is based on your income).
- Accepts rollovers from employer-based plans (401K(k), 403(b), or 457 governmental plans).
- Accepts transfers of savings from other.
Traditional IRAs Things to consider:
- Withdrawals are taxable and included with your yearly income
- 10% IRS early withdrawal penalty on distributions taken before age 59 ½ (some exceptions apply)
- Required Minimum Distributions (RMDs) at age 70 ½
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