The Traditional Individual Retirement Account (IRA) allows you to put away tax deferred funds for retirement. You may begin to withdraw from your Traditional IRA at the age of 59 ½ without penalty. Mandatory distributions are required upon attainment of age 70 ½.
- No income restrictions for availability.
- No minimum contribution requirement in any year.
- Certain contributions may be tax-deductible.
- Independence; you can open and fund your IRA without any employer participation.
- Catch-up contributions allowed for those over the age of 50.
|Tax Year||Contribution Limit||Additional Contribution Age 50+|
Depending on your tax filing status, and modified adjusted gross income (AGI), Roth IRA Contribution limits may be lower.
Learn More & Get Started
In selecting retirement plan options, consult your tax advisor about the program that will make sense for you. Then visit your local branch office, or call and ask to speak to one of our Customer Associates at 860.435.9801.