A Traditional IRA is flexible, accessible and offers immediate tax benefits, with contributions and/or earnings tax-deferred until retirement. This means you don’t pay income taxes until you begin taking withdrawals after you retire.
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.
You can contribute:
- If you have earned income from employment
- Up to a maximum of $6,000; individuals age 50 and over can contribute up to a maximum of $7,000
All Traditional IRAs contributions Tax are deductible if:
- The individual is not an active participant under an employer's retirement plan or
- The individual's modified gross adjusted income is no more than $104,000 if married and filed jointly, or $65,000 if filing single or head of household.
(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.