IRA Description Page

Traditional IRA

For long term savings options, a Traditional IRA has many advantages. It offers tax deductible contributions and tax deferred earnings. This means you may be able to deduct your total annual Traditional IRA contributions on your federal income tax return and your Traditional IRA earnings are tax free until withdrawn from your account. A Traditional IRA also permits withdrawals for lifetime events like higher education and first time home purchase.

Put your IRA to work by investing in one of the Dollar Bank IRA CDs shown below. Click a CD name for more details.
  • $5,000 maximum contribution or 100% of earned income, whichever is less
  • Spousal contribution of $5,000 or 100% of compensated spouse’s income, whichever is less
  • "Catch Up" contributions of an additional $1000 for individuals age 50 or older
  • Restrictions on contribution levels vary according to earned income, ask about your situation
  • Qualified Retirement Plans can be rolled into Traditional IRAs
  • Contributions may be tax deductible (limitations apply)
  • The safety of FDIC insurance for a guaranteed return
  • Distributions without IRS penalty are permitted at age 59 1/2
  • Required minimum distributions start at age 70 1/2 (based on IRS uniform life expectancy tables)

* Tax deductible portion of contributions vary based on age, income and tax filing status. Please consult your tax advisor.

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Other IRA Options:
Traditional Term CD - (IRA)
CD Ladder - (IRA)
Relationship CD - (IRA)
Money Market Account - (IRA)
Premium Money Market Account - (IRA)
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