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Traditional IRA

A Traditional Individual Retirement Arrangement (IRA) is for individuals who have earned income and would like to set aside money each year to be used in retirement. 

There are many benefits to a Traditional IRA.  Contributions can be made until the year the individual turns 70½ and may be tax deductible. Consult your tax advisor for additional information. 

Contribution Limits for 2018


Traditional IRA Under Age 50

Traditional IRA Age 50 or older





Early Distributions from Your Traditional IRA

You may withdraw money from your Traditional IRA at any time, and the taxable portion of that withdrawal will be taxed as ordinary income. Distributions you receive before you reach age 59½ may be subject to an IRS 10% additional tax.  There are exceptions to the 10% additional tax for early distributions that are: 

  • Made due to disability
  • Made as part of a series of substantially equal periodic payments for your life (or life expectancy) or the joint lives(or joint life expectancies) of you and your designated beneficiary
  • Made to a beneficiary or estate due to the IRA owner’s death
  • Not in excess of your unreimbursed medical expenses that are more than a certain percentage of your adjusted gross income
  • Not in excess of certain medical insurance premiums paid while unemployed
  • Qualified first-time homebuyer distributions, up to $10,000
  • Not in excess of your qualified higher education expenses
  • Converted to a Roth IRA
  • Due to an IRS levy
  • A qualified reservist distribution


Please contact your tax advisor for additional information on exceptions to tax on early distribution.

Money Market Rates

Additional Disclosures

Supplemental Information about Traditional IRAs