- Defer taxes on the earnings on your contributions until they're withdrawn
- Certain contributions are tax-deductible (check with your tax advisor)
- Open a Traditional IRA if you are younger than 73 the entire tax year and you or your spouse earns income
- Tax-Free withdrawals for certain distribution reasons after five years
- Contributions are not tax-deductible*
- Ideal option if you expect to be in a higher tax bracket when you retire
- Eligible if you or your spouse earns income and your income does not exceed certain limits
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*Consult with a tax professional.