American Heritage Traditional IRA
A Traditional Individual Retirement Account (IRA) is a way to put money away for retirement and save on taxes: you receive a tax deduction on the contributions you make to your IRA account each year.
Your tax-deferred status exists only if you keep the money in your IRA. If you remove funds from your IRA account before you reach 59 ½ years of age without a qualified reason, you will pay taxes on the withdrawn funds plus a 10 percent early withdrawal penalty. Once you are 59 ½ years of age or older, you can withdraw funds; you will pay taxes on the withdrawn funds as ordinary income. You must begin taking a Required Minimum Distribution from your IRA account no later than 70 ½ years of age.
Traditional IRA Contribution Limits:
Ages 50 - 70 ½
Need Help Planning For The Future?
The American Heritage Investment and Retirement Center* offers a variety of investment and protection planning services to help you plan for the future. We’re here to help you make sound financial decisions consistent with your investment timelines and your goals. Our needs-based approach means learning about your current situation, and then helping you to take action towards a healthier financial future.
For information and to set up a no cost consultation, contact the American Heritage Investment & Retirement Center (IRC): (215) 969-2967