Traditional IRA contribution limits
You can contribute up to $7,500 per year to a traditional IRA until you're 50 years old.
Watch your retirement savings grow with a traditional IRA
Traditional individual retirement accounts, or IRAs, are a tax-advantaged way to help you save for retirement. Using tax-deductible contributions, you can select from a wide range of investment options and enjoy tax-deferred growth. Let us help get you started.
Build your cushion
Contribute to a traditional IRA even if you're on an employer-sponsored plan.
Get tax advantages
Earnings grow tax-deferred, and contributions may be tax-deductible.
Make it yours
Choose from a variety of investment options to grow your traditional IRA.
Traditional IRA contributions
Income qualifications
Income must be earned in the same year you make a contribution to a traditional IRA.
Catch-up contributions
If you're 50 or older, you can contribute up to $8,600 per year to an IRA.
Tax deductions
Your contribution may be tax-deductible, depending on your total income.
Traditional IRA withdrawals
Minimum required distributions
If you're older than 73, you're required to take an annual distribution from your account.
Penalty-free withdrawals
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 before age 59 1/2 are subject to a 10% penalty fee, with certain exceptions.
Traditional IRA FAQ
People often ask us
Not sure where to start? We're here to help.
Insights
A few retirement insights for your life
Retirement
Know the difference between a Roth and traditional IRA
There are essential differences between traditional and Roth IRAs that may impact which option is right for you.
Choosing a Roth versus traditional IRA can depend on several key factors, but it all starts with understanding how they differ.
Retirement
Guide to IRAs: How to grow your retirement savings
IRAs are a popular way to save for retirement. From tax benefits to contribution limits, learn more about how they work.
Unlike workplace retirement plans, anyone who has earned taxable income during the year can contribute to an IRA.
Retirement
IRA withdrawal rules you need to know
Brush up on IRA withdrawal rules to avoid paying costly penalties.
The type of account you own will dictate when you may withdraw your funds without penalty, as well as any tax implications you should be prepared for.
