With a Traditional IRA, you might lower your taxes as you make contributions to your account. You will pay taxes on your earnings when you withdraw funds, which means this IRA can be beneficial if you think you'll be in a lower tax bracket in retirement. Keep in mind, you are required to start taking distributions at age 70 1/2, unless your 70th birthday is July 1, 2019 or later, in which case you are not required to take withdrawals until you reach age 72.
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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