Traditional IRA

Save for retirement the tax-advantaged way

Traditional IRA Eligibility

Traditional IRAs are an easy way to save

Watch your retirement grow with tax-deferred earnings.

  • Income must be earned the same year you make the contribution
  • Open to your non-compensated spouse if you've earned income and are filing joint taxes

Traditional IRA contributions

Maximum contribution

You can contribute up to $7,000 per year until you're 50 years old.

Catch-up contribution

If you're between the ages of 50 and 70, you can contribute up to $8,000 per year.

Tax deduction

Your contribution may be tax-deductible depending on your total income.

Traditional IRA withdrawals

Minimum required distribution

If you're older than 73, you're required to take a distribution.

Withdraw without penalty

If you're over the age of 59 1/2, you can withdraw penalty-free, subject to normal income tax.

Penalty for early disbursements

Withdrawals made under the age 59 1/2 are subject to a 10% penalty fee, with certain exceptions.

Insights
A few financial insights for your life

Retirement

Find Your Own Path to Retirement Savings

Find the retirement account that works for you, regardless of whether your employer offers a 401(k).
Increase your retirement contribution each year, much like you would a pay raise.
Retirement

Is a Roth or Traditional IRA Right For You?

There are essential differences between traditional and Roth IRAs that may impact which option is right for you.
Choosing a Roth or traditional IRA can depend on several key factors, but it all starts with understanding how they differ.

Account openings are subject to normal bank approval.

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About the Entities, Brands and Services Offered: First Citizens Wealth™ (FCW) is a marketing brand of First Citizens BancShares, Inc., a bank holding company. The following affiliates of First Citizens BancShares are the entities through which FCW products are offered. Brokerage products and services are offered through First Citizens Investor Services, Inc. ("FCIS"), a registered broker-dealer, Member FINRA and SIPC. Advisory services are offered through FCIS, First Citizens Asset Management, Inc. and SVB Wealth LLC, all SEC registered investment advisors. Certain brokerage and advisory products and services may not be available from all investment professionals, in all jurisdictions or to all investors. Insurance products and services are offered through FCIS, a licensed insurance agency. Banking, lending, trust products and services, and certain insurance products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, and an Equal Housing Lender, and SVB, a division of First-Citizens Bank & Trust Company. icon: sys-ehl

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FirstCitizens.com/Wealth/Disclosures

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This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.

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