A Traditional IRA is a retirement account where contributions are typically tax-deductible. Any profits grow tax-deferred and, upon withdrawal, are taxed at the account holder’s ordinary tax rate. Owners of Traditional IRAs can start taking distributions once they reach 59.5 years old and must begin taking distributions by April 1st of the year after they become 70.5. For more information about Traditional IRAs, please click here.
To learn about contribution limits, please click here.