Individual Retirement Accounts (IRA) Traditional
This account is an investment product used by individuals saving for retirement.
- Fully tax deductible if customer or spouse is not covered by another retirement plan (if IRS qualifications are met)
- Interest earned is tax deferred
- Annual deposit can be an amount up to the individual’s permissible limit (not to exceed $5,000 per person, or $6,000 if age 50 plus)
- Consult tax advisors regarding deductibility