What is a Traditional IRA?

A Traditional IRA is an Individual Retirement Account where you don’t pay taxes on the money until you take it out.

Things You Should Know About Traditional IRA’s:

1. Most Traditional IRA’s have rules about how old you have to be and how long you need to have the account before taking money out.
2. There is a limit to how much money you can invest each year.
3. There are no income limits to open a Traditional IRA.
4. You can open a Traditional IRA at a bank.

A tax accountant can give you guidance about what type of IRA is right for you.