In a Traditional IRA, you won't pay taxes on your earnings until you withdraw money, which means this IRA can be beneficial if you think you'll be in a lower tax bracket in retirement. Keep in mind, you're required to start taking distributions at age 70½.
First Bank and Trust helps customers in Louisiana, Mississippi and Florida save for retirement using Traditional and Roth IRAs with competitive rates of return. Before opening an IRA, please consult your tax advisor for full details about its tax implications. These are some important guidelines about Traditional IRAs.
Maximum Annual Contribution
Tax-Deductibility of Contributions
Qualified Early Withdrawals
Withdrawals before age 59½ are subject to income taxes plus a federal penalty for premature distributions, unless the withdrawal involves one of these criteria:
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