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Traditional IRA

A traditional IRA allows you to make contributions with money you may be able to deduct on your tax return. Earnings potentially grow tax-deferred until you withdraw them in retirement.

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Why choose a Fair Trade Export Traditional IRA?

  • No account fees or minimum to open an account
  • Earnings can grow federal tax-deferred
  • Get guidance choosing from a wide range of retirement income planning options
  • $0 commission fees

Traditional IRA Rules

Tax Advantages
  • Tax-deductible* contributions
  • Tax-deferred until you begin withdrawing funds
  • Taxable withdrawals
Eligibility Requirements Anyone with earned income may contribute up to the age of 72 yrs.
Contribution Limits Per Year $6,000
$7,000 if age 50 or older
Withdrawals
  • All earnings and deductible contributions are taxable upon withdrawal
  • Penalties will be incurred if withdrawals are taken before age 59½ yrs., or if minimum withdrawals are not taken by April 1st of the year following the year age 72 yrs. is reached
  • Minimum distributions must begin at age 72 yrs.

* Subject to certain restrictions. Please consult with your tax advisor.

More Information

Learn about IRAs
Learn about the basics of retirement income planning, from types of accounts available to taking minimum required distributions (MRDs).

Considering a Roth IRA conversion?
See how a Roth IRA conversion might work for you.

How to rollover an old 401(k) to Fair Trade Export
Step-by-step guide on how to rollover an old 401(k) to Fair Trade Export.