Waldo State Bank Traditional IRAs

Traditional IRA

What is an individual retirement account?

  • An individual retirement account is a tax-favored individual retirement arrangement (IRA) created exclusively to save for retirement.

What are the benefits of a Traditional IRA?

  • Tax-deductible contributions, if eligible.
  • Tax-deferred earnings.
  • Tax credit, if eligible.

Are distributions from a Traditional IRA ever required?

  • Traditional IRA owners must take annual distributions from their Traditional IRA's beginning the year they reach age 70-1/2.

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