Traditional IRA

Save for retirement the tax-advantaged way

Build Your Cushion

Contribute even if you're on an employer-sponsored plan.

Tax Advantages

Earnings grow tax-deferred, contributions may be tax deductible.

Unique to You

Choose from a variety of investment options to grow your traditional IRA.

Eligibility

Traditional IRAs are an easy way to save

Watch your retirement savings grow with tax-deferred earnings.

  • Open to those under age 70 1/2
  • Income must be earned the same year you make the contribution
  • Open to your non-compensated spouse if you've earned income and are filing joint taxes

Contributions

Maximum contribution

If you're under the age of 50, you can contribute up to $6,000 per year.

Catch-up contribution

If you're age 50 to 70, you can contribute up to $7,000 per year.

Tax deduction

Your contribution may be tax deductible depending on your total income.

Withdrawals

Minimum required distribution

If you're over the age 70 1/2, you're required to take a distribution.

Withdraw without penalty

If  you're over the age of 59 1/2, you can withdraw penalty-free subject to normal income tax.

Penalty for early disbursements

Withdrawals made under the age 59 1/2 are subject to a 10% penalty fee except for certain exceptions.

Not sure where to start? Let us help you down the path to successful retirement.

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Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results.

First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC; First Citizens Investor Services, Inc., Member FINRA and SIPC, an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor.

Brokerage and investment advisory services are offered through First Citizens Investor Services, Inc., Member FINRA and SIPC. First Citizens Asset Management, Inc. provides investment advisory services.

Bank deposit products are offered by First Citizens Bank, Member FDIC.

Account openings are subject to bank approval.

This information is provided for educational purposes only and should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. First Citizens Bank (or its affiliates) neither endorses nor guarantees this information, and encourages you to consult a professional for advice applicable to your specific situation.