A Traditional Account may give you an immediate tax benefit because contributions are often tax deductible. With a Traditional Account, up to €6,000 of tax deferred income may be placed in the Account until the account owner reaches 70½ years of age. Account owners may also contribute an additional €6,000 a year of earned income to a separate Account for a non-income-earning spouse. Account owners who are age 50 or over are allowed to contribute an additional €1,000.
Taxable distributions from an Account can be taken without penalty starting at age 59½ and must be started by April 1st of the year following the year the account owner reaches 70½.
Basic eligibility requirements
- You must be under age 70½ by the end of the calendar year
- You must have earned income or a spouse with qualified earned income
- No income limits
Account Minimums and Fees:
- There is no minimum initial deposit required to open an account
- There are no maintenance fees for retirement accounts
Need help deciding between a Traditional Account or a VIP Account? Try our Selection Tool
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