Traditional IRA funds are always accessible and flexible for your terms. There is no minimum contribution requirement and you can choose your own investments. A traditional IRA can also be opened and funded without any employer participation. You can easily withdrawal prior to retirement; however you may be subject to an additional 10% IRA penalty.
(For those who participate in an employer plan, Traditional IRA deductibility is gradually phased out above these income levels.)
Now is the time to get started. Call us today at (573) 634-0888 or stop by any location to create your retirement plan.
A tax-deferred investment with a possible tax deduction if you do not have an employer-sponsored retirement plan or if your income is below certain levels.
A tax advantage which is tax-free investment growth if the account has been open for five years or more and meets the qualified distribution rule. There are no tax deductions for contributions, but tax-free growth on compounded interest replaces this benefit.
Distributions must start by age 72½.
There is NO requirement to begin withdrawals at age 72½.
Income tax is due on all withdrawals, and withdrawals made prior to age 59½ may be subject to an additional 10 percent IRS penalty.
The investor's contributions to the account may be withdrawn at any time. But to qualify for tax-free withdrawal of investment earnings, the account must be open for at least five years and the account owner must be at least 59½ or purchasing a first home. (Under the new laws, even if you've previously owned a home, you may still qualify as a first-time home buyer). After the account has been open five years, death or disability also qualify for tax-free withdrawal of earnings.
For individuals who have earned income.
For individuals of any age with earned income and adjusted gross income less than $146,000 for singles and adjusted gross income of less than $230,000 for those filing jointly.
