Traditional IRA

The Traditional IRA is an account that allows members to make tax-deductible contributions.  The earnings grow tax-free until the account's owner turns 59½ years old. At this time, the account holder is allowed to begin withdrawing money from the account to fund their retirement. These distributions are fully taxed by the U.S. government.

Traditional IRA accounts must begin taking distributions no later than April 1st following the year the owner turns 72.