An IRA (Individual Retirement Account) is a personal savings plan that:
A Traditional IRA is a powerful tool for creating a balanced long-term savings plan. It allows you to benefit from significant upfront tax advantages, and with less money taken out for taxes you can earn much more on your savings.
Advantages of a Traditional IRA:
You can contribute to a Traditional IRA:
You can begin receiving distributions from your Traditional IRA at age 59. You are required to begin by April 1 of the year following the year you turn 70.
Distributions taken prior to age 59 may be subject to a 10% IRS early withdrawal penalty, unless one of the following exceptions exists:
The deductible contributions and earnings are always subject to federal income tax at the time of distribution.
Your IRA funds are federally insured up to $250,000 with the NCUA.
Roth IRAs provide you with unique savings opportunities and are a safe and easy way to plan for the future. Unlike Traditional IRAs, Roth IRAs are never tax-deductible. However, the money in your Roth IRA, including earnings, may offer some advantage when withdrawing based on the plan provisions.
Contribution limits phase out for MAGIs between $95,000 and $110,000 for single individuals and between$150,000 and $160,000 for married couples filing jointly.
You may continue to contribute to a Roth IRA even if you participate in an employer-sponsored plan. A non-working spouse is also eligible even if the working spouse is
covered by an employer-sponsored plan.
Your IRA Funds are federally insured up to $250,000 with the NCUA.
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