Individuals can contribute up to a certain amount tax-free each year to this retirement account until they reach age 70 1/2. Once individuals reach retirement age, withdrawals from a traditional IRA are taxed as ordinary income.
Individuals can contribute up to a certain amount tax-free each year to this retirement account until they reach age 70 1/2. Once individuals reach retirement age, withdrawals from a traditional IRA are taxed as ordinary income.