A Traditional IRA (Individual Retirement Account) is a special retirement savings plan. All the earnings you accumulate in an IRA remain tax-sheltered until withdrawn.

Contribution Information

• 2009 Limits: Up to $5,000 per year if you are under the age of 50; Up to $6,000 per year if you are age 50 or older. 
• 2010 Limits: Up to $5,000 per year if you are under the age of 50; Up to $6,000 per year if you are age 50 or older. 
• Contributions can be made up to age 70 ½.

Tax Information

If neither you nor your spouse is already enrolled in a retirement plan that is employee-sponsored, partial deductions for those enrolled in retirement plans may be available - consult your tax adviser.  Although a Traditional IRA will gain dividend earnings, you do not have to pay taxes until you withdraw the funds; this allows your earnings to grow tax-deferred.

IRA information not intended as tax advice.  Please consult a tax professional.