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Traditional IRA
A traditional IRA is a retirement plan that allows tax-deductable contributions to workers under the age of 70½.
Who can contribute?
Anyone with an earned income and under the age of 70½ can contribute. For married couples filed jointly, a nonworking spouse can also contribute.
Are there contribution limits?
For 2008, workers under the age of 50 can contribute up to $5000 of their earned income. For workers 50 or older, the maximum contribution is $6000.
| Year | Age 49 and Below | Age 50 and Above |
|---|---|---|
| 2007 | $4000 | $5000 |
| 2008 | $5000 | $6000 |
Is there a contribution deadline?
Contributions to your traditional IRA account must by made by April 15th in order to qualify for a prior year contribution.
To learn more about retirement planning, or for a free second opinion on your investments Contact Us.
Elizabeth City, NC
1-800-338-8456
(252) 338-2677
The Outer Banks
(252) 449-2289
A&A Insurance
and Investments
1800 West City Drive
Elizabeth City, NC 27909
Phone: 1-800-338-8456
Fax: (252)338-0156