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INDIVIDUAL RETIREMENT ACCOUNTS

Long-term savings with tax advantages

Traditional IRA

  • Minimum opening balance is $1000
  • $5000 maximum contribution per year, per individual
  • People age 50 and older can contribute another $1000 per year
  • Withdrawals are taxed at your ordinary income tax rate
  • Penalties apply if withdrawals are made prior to age 59½
  • Minimum distributions must begin at age 70½