Traditional IRA

Recommended if you:

• Want immediate tax benefits
• Are not covered by another retirement plan and would like to deduct your IRA contribution from your taxes
• Are covered by another retirement plan, but would like to defer the tax on your earned interest until you retire
• Are under 70-1/2 years and have earned income from employment.

Important Facts

• A Traditional IRA is a long-term investment account that is FDIC insured.
• Maximum annual contribution for 2005s is $4,000 per person, and can be made until April 17, 2006. For 2006, the maximum annual contribution is $4,000 per person.
• If only one spouse works, each spouse can still open an IRA.
• Can begin withdrawing IRA funds anytime after the age of 59-1/2 without early withdrawal penalties.
• Early withdrawal penalties may apply.

Traditional IRAs
Roth IRAs
Coverdell ESA

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