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You may want to consider a traditional IRA

With a traditional IRA, you can contribute up to  for this year while deducting  on your tax returns.1 You can also contribute  for the prior tax year while deducting  on your tax returns. The IRA contributions you deduct are fully taxable when you withdraw them; contributions you do not deduct are withdrawn tax-free. All your earnings will be fully taxable when you withdraw them.

Features:

  • Tax-deductible contributions
  • Tax-deferred growth
  • No income limits
  • Withdrawals required at age 732

Learn more about Roth IRAs instead

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1 This contribution amount assumes no other IRA contributions. Your deduction may be limited by your individual tax circumstances. Please consult your tax advisor if you have questions. 

2 Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to 73. In 2033, the RMD age will increase to age 75 for those born on or after 1960.

Certain products and services may not be available to all entities or persons. Results are based on your inputs and IRS regulations regarding age, adjusted gross income, spousal age, eligibility for an employer sponsored plan, and filing status disclosed in IRS publication 590-A. This publication is available at https://www.irs.gov/publications/p590a/index.htmlOpens in a new window. This tool does not consider your complete financial situation and needs, or other inputs such as debt, other retirement assets or contributions, liquidity needs, and other receivables or obligations. Contact your tax advisor regarding the tax impact of any decision regarding potential savings strategies.

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