Traditional IRAs
As you work toward your retirement goals, consider the ability to grow your earnings before they are taxed. It’s an essential part of your retirement savings plan that helps your nest egg grow, as you build your plans for a confident retirement.
What You Need to Know About Traditional IRAs
- Contribute up to $7,000, some of which may be deductible from your taxes.
- Earnings are tax-deferred, so your savings grow quickly because you do not pay taxes until you withdraw funds.
- Withdraw funds without IRS penalty prior to age 59½ for certain qualifying expenses (income taxes apply.)
- Withdrawals required at age 73. (Effective January 1st, 2023, U.S. Congress passed the Secure Act 2.0 which increased the Required Minimum Distribution age from 72 to 73.)
- Contribute up to an additional $1,000 "catch-up" contribution, beginning the year you reach age 50.
Investment products are offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA). KIS and KIA are non-bank affiliates of KeyBank National Association (KeyBank).
To learn more about KIS’s investment business, as well as our relationship with you, please review our KIS Disclosure page.
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Non-Deposit products are:
KIS, KIA and KeyBank are separate entities, and when you buy or sell securities and insurance products you are doing business with KIS and/or KIA, and not KeyBank.
Services provided by KeyBank, KIS and/or KIA should not be used in substitution for independent and personal tax advice. KeyBank, KIS and/or KIA do not provide legal advice. Individuals should consult their personal tax and/or legal advisor concerning their particular situation.