The traditional IRA has been a savvy way to invest money for your future due to its tax deferred status. If you’re under 70 ½ years-old, you are eligible to earn compensation with the traditional IRA. Learn how you can be a smart investor with L&N Federal Credit Union Traditional IRAs.
Benefits of a Traditional IRA:
- Tax deductions – Based on individual eligibility, may be able to deduct part or all of your annual contribution on your income tax return. We recommend that you consult with your tax advisor for individual eligibility.
- Tax deferral - Pay no federal taxes on earnings until you take withdrawals.
- Spousal advantage - You can open an IRA for your non-working spouse if you file a joint tax return.
- Penalty-free withdrawals – You are able to make penalty-free withdrawals for a first-time home purchase and education expenses.