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Which IRA makes the most sense for you? IRAs come in two forms and have different approaches to saving: Traditional IRA â A Traditional IRA is a tax-deferred retirement account. You save today and are taxed when you withdraw the money.* The age limit to contribute is 70Â½. Roth IRA â In a Roth IRA, you don't get any tax deductions for the contribution today, but can withdraw the assets when you retire without paying taxes.** There's no age limit to contribute. IRAs have a few additional differences, but your financial advisor can help you determine which savings vehicle best meets your needs. If I have a 401(k), do I need an IRA?
If you own a tax-deferred IRA and took a tax deduction on your contributions to that IRA, you will owe income tax when you take money out of the account, no matter how old you are. If you are between age 59 1/2 and 70 1/2, you wonât incur any penalties on distributions from a tax-deferred IRA. The rules impose penalties for taking money out before age 59 1/2 and for failing to withdraw enough after 70 1/2.