WHAT IS A TRADITIONAL IRA?
Individual Retirement Accounts (IRAs) are powerful retirement savings tools. It has tax advantages that can grow your retirement nest egg quickly and help lower your taxable income each year.
We work with members to help them manage and fund their retirement accounts in the context of their financial plan and objectives.
DO I QUALIFY FOR A TRADITIONAL IRA?
If you or your spouse received taxable compensation during the year, you can open and fund a traditional IRA.
You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan.
See How Much Can You Deduct on the IRS website or consult with your tax professional to determine if your contribution is deductible.
HOW WILL MY IRA AFFECT MY TAXES?
Depending on your income and filing status (married, single, etc.) contributions you make to a traditional IRA may be fully or partially deductible.
For 2021, the maximum contribution is $6,000. If you are over 50 years old you can contribute an extra $1,000 for a total of $7,000.
Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until you take a distribution from your IRA.
Ready to open an account?
Head to the secure website below. Tell us a few things about you and we’ll start optimizing your portfolio. Scroll down for a step by step walk through.
STEP 1
Input your retirement status. Click Continue.
STEP 2
Input your age. Click Continue.
STEP 3
Input your annual income. If retired, calculate your Social Security. Click Continue.
STEP 4
Select the “Retirement” goal in the middle.
STEP 5
Select “Traditional IRA”. Click Continue
STEP 6
Review your recommended portfolio. Click Continue. If you’re not sure this is the right portfolio for you, schedule an investing call with one of our member advisors.
STEP 7
Now, create an account using your email address. Please have your SSN handy.
1. Login to your Account Here
2. Click “Deposit” in the top right corner to start this process.
3. Click on Your IRA
4. Connect a bank account. Note this will ask you for your Login Credentials.
5. Select Frequency and Amount
6. Review and Submit
