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:
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.|
|Maximum annual contribution for IRAs?||2015 :
|Required minimum distribution rules?||No.||Yes.|
|Contribution allowed after age 70½?||Yes, while you receive earned income.||No.|
It's never too early or too late to start planning for your retirement.