Benefits of a Traditional IRAThis article is not intended to provide tax advice. Contact a tax professional.
A Traditional IRA can help you prepare for retirement and serve a number of other purposes.
Grow Your Nest Egg - Earnings and deductible contributions in a Traditional IRA grow tax-deferred until withdrawal, which can begin at age 59 1/2, but must begin at age 70 1/2.
First Home Purchase - You can withdraw up to $10,000 penalty-free towards the purchase of your first home.
Pay for College - Traditional IRA funds used to pay for qualified educational expenses can be withdrawn penalty free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
Assist with Medical Expenses - Funds to pay for certain medical expenses can be withdrawn from your Traditional IRA without paying a 10% early distribution tax.
For answers to your IRA questions, call one of our IRA Specialists today at (918) 477-3200 or (800) 318-7228.
Information obtained from Ascensus, Inc.