You want retirement planning to be a little easier, that’s why we’ve provided you with these frequently asked questions about Traditional IRAs. We also provide a comparison chart of the Roth IRA and Traditional IRA to help you determine which IRA is right for you.
What is an IRA?
A special savings account, authorized by the government, which allows you to save for retirement.
Who is eligible to contribute to an IRA?
Individuals who have earned income or receive alimony can contribute to a Traditional IRA. Income from sources such as investments or inheritances does not qualify. Contributions may not be made for or after the year in which you turn age 70 1/2.
How much may I contribute to an IRA?
Each year you can contribute all or part of your compensation up to:
Are there other rules or limitations?
Yes, here are some additional rules you should know:
How can I get more information?
We realize that sometimes you need more information to make your retirement decisions. If you’d like to talk with a Dedham Savings retirement expert, visit one of our branches or call our retirement planning department at 781-320-1458 and we’ll be happy to share everything we know.