A Traditional IRA is a simple way to save for retirement that offers immediate tax advantages. You can contribute money on a tax-deferred basis each year.
A Traditional IRA offers tax-deferred growth on your contributions. Unlike Roth IRAs , contributions to a Traditional IRA may be tax deductible.
Traditional IRA benefits:
- The opportunity to lower your tax liability. Contributions may be tax deductible depending on your participation in a qualified retirement plan and on your adjusted gross income.
- Tax-deferred growth. You don't pay taxes on your earnings until you withdraw money.
- A wide range of options from which to choose to meet your individual needs.
- Flexibility to invest as much as you'd like up to annual limits.