Traditional IRA

Traditional IRA

Traditional IRAs, also known as Regular IRAs, are ideal for those whose retirement is in the near future, as well as for those whose time is still several years away. When considering your retirement, plan smart and choose an America First Traditional IRA.

Take advantage of the Traditional IRA benefits:

  • Earn tax-deferred, compound dividend on your money
  • IRA certificates with competitive rates
  • 2015 : Deposit up to $5500 of earned income per year or $11000 per year for couples, If you are age 50 or older, deposit up to $6500 or $13000 per year for couples
  • Begin penalty-free withdrawals as early as age 59½
  • Continue tax-deferred deposits as late as age 70½
  • Take penalty-free early distributions for education or a first-time home purchase (you must still pay taxes on the money you withdraw)

Choosing the Right IRA

Which IRA is right for you? Review the chart below to see whether the Traditional or the Roth IRA will benefit you most.

Roth IRA* Traditional IRA*
* Subject to IRS provisions. Please consult your tax advisor. Source: CUNA Brokerage Services, Inc.
Tax-deductible contributions? No. Maybe. Deductible contributions could be phased out as adjusted gross income increases.
Earnings grow tax-deferred? Yes. Possibly tax-free. Yes.
Tax-free withdrawal*? Yes. Yes.
Maximum annual contribution for IRAs? 2015 :
  • $5500 for individuals under age 50
  • $6500 for individuals age 50 or older
2015 :
  • $5500 for individuals under age 50
  • $6500 for individuals age 50 or older
Required minimum distribution rules? No. Yes.
Contribution allowed after age 70½? Yes, while you receive earned income. No.

The Lifestyle You Deserve

It's never too early or too late to start planning for your retirement.

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