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Home > Products > IRAs > Traditional IRA


 New tax laws effective January 1, 2002, means investors can save more and, possibly, retire earlier!


Traditional IRA contributions have recently been increased, as follows:

  • Tax Years 2002-2004:  $3,000 single and $6,000 married filing jointly
  • Tax Years 2005-2007:  $4,000 single and $8,000 married filing jointly
  • Tax Year 2008:  $5,000 single and $10,000 married filing jointly
  • Tax Year 2009 & after:  cost-of-Living Indexing

Workers age 50 and older before the end of the tax year can make additional "catch up" contributions over the maximum limits above, as follows:

  • Tax Years 2002-2005:  $500
  • Tax Years 2006 & after:  $1,000 

(Contributions may be fully or partially deductible, depending on Adjusted Gross Income.  Check with your tax advisor to see how much you can deduct.)


Distributions from Traditional IRAs are taxed as income.


Traditional IRA withdrawals cannot be made before the investor reaches age 59 1/2 without a 10% penalty, and must begin when the investor reaches the age of 70 1/2.

Withdrawals can be made without the 10% tax penalty when:

  • The investor is at least 59 1/2 years old.
  • The investor dies, suffers a disability, or incurs certain major medical expenses.
  • The IRA funds are used for a first-time home purchase.
  • The funds are used for post-secondary educations expenses. 

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