Traditional IRAs
Get tax incentives and grow your retirement income with an Individual Retirement Account (IRA).
Contribute to your retirement fund with pre-tax earnings, penalty-free withdrawals (with some restrictions), and required distribution starting at age 73. Financial planning can help you reach your retirement goals, and our investment experts can help you to make the right choices about retirement accounts.
Features
Earnings are tax-deferred until distributed.
Contributions may be tax-deductible.
Contributions can be made until the April 15* tax deadline.
Maximum Contribution
2025 Maximum Contribution: $7,000 or 100% of earned income per tax year, whichever is less.
2025 Maximum Contribution for IRA holders 50+: $8,000.
You must reduce your contribution by the amount contributed to a Roth IRA in the same year.
Eligibility
Contributions can be made at any age with taxable earned income.
Distribution is taxable and is required by April of the year after a participant becomes age 73**.
*If the 15th falls on a weekend or holiday, the deadline is the next business day.
**There is a 25% excess-accumulation tax on any required distribution amount not taken by the due date. The penalty may be reduced to 10% if the shortfall correction takes place during a tow-year correction window.
The federal government sets the maximum contribution limits annually.
The above information is provided for educational purposes and is not intended as tax advice. Please consult a tax professional.