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IRA Traditional

Individual Retirement Accounts (IRAs) come in many varieties. Some of the investment vehicles that are approved by the IRS for these kinds of accounts can be annuities, mutual funds, bonds and securities.

The Traditional IRA is a retirement savings account where an individual can use pre-tax dollars to contribute for their future retirement goals, thereby enjoying immediate tax savings. The current maximum contribution allowed by the IRS is $5000 per year per individual and money contributed to an IRA enjoys tax-deferred growth until the funds are withdrawn. Since the original purpose of the IRA is to assist you in saving for your retirement, the IRS imposes a 10% penalty for withdrawing your IRA funds prior to the assumed retirement age of 59 ½.

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