Traditional IRA is a unique savings plan that helps you prepare for retirement. Contributions made to this plan are tax deductible during the tax year in which the contribution was made. You pay tax on your contributions and earnings at the time of withdrawal; however, you’ll most likely be in a lower tax bracket at retirement, resulting in lower taxes being paid.
Viriva members can open Term IRA Share Certificate of Deposits (CDs) to earn a higher interest rate than a regular savings account, and it can give you the ability to benefit from tax advantages. The minimum balance to open an IRA Share Certificate is only $500.
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For 2019, your total contributions to all of your Traditional and Roth IRAs cannot be more than $6,000 ($7,000 if you’re age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.
For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than: $5,500 ($6,500 if you’re age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.
For more information about IRA limits, Visit the IRS Website.