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Table of Contents
What Is a Traditional IRA? Contribution limits exist ($6,000 for 2021 for those under age 50, 7,000 for those 50 and older), and required minimum distributions (RMDs) must begin at age 72.
Traditional IRAs let individuals contribute pre-tax dollars to a retirement investment account, which can grow tax-deferred until retirement withdrawals occur (at age 59½ or later).﻿﻿ For example, you could have made a contribution to your 2018 IRA through April 15, 2019.﻿﻿ If you are above the limits, you can still contribute post-tax income to a traditional IRA and take advantage of its tax-free growth, but investigate other options, too. Unlike a traditional IRA, Roth IRA contributions are not tax-deductible, and qualified distributions are tax-free. A traditional individual retirement account (IRA) allows individuals to direct pre-tax income toward investments that can grow tax-deferred.

Traditional IRA

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Traditional IRA