Traditional IRA
Put the gold into golden years
Tax breaks today + money for tomorrow
One of the big advantages of a Traditional IRA is that your money grows tax-deferred. You won’t get taxed on your retirement savings until you start withdrawing the money, then you’ll pay taxes on the income just like you would on any other type of income. Not paying taxes up front means more money in your account earning interest. You’ll also be taking advantage of compounding, which basically means that even your interest will earn interest because it’s automatically reinvested for you. So what does that look like in real life? Saving the money you would have spent on one fancy coffee today can mean a whole week of fancy coffee in the future.
The 411 on Traditional IRAs
One of the great things about an IRA is that it gives you an annual savings goal (your max contribution amount) and lets you watch real growth happen over time. Even if you already have a 401(k) through your employer, you can still open a Traditional IRA as well. Addition Financial recommends you speak with a financial advisor when making any decision regarding investments and your retirement.
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No minimum balance to open or to earn dividends and no monthly service fees
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Save and invest either pre-tax or post-tax money
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Dividends compounded daily and credited monthly
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Statements sent quarterly
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Add to your retirement as often as you’d like throughout the year
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Check with a financial adviser about annual contribution limits
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Contributions can be made at any age
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Withdrawals must begin at age 73
Why Addition Financial?
Money Smarts
School yourself with free financial know-how.
Easy to Find
Convenient locations + shared branches nationwide.
Get Stuff Done
Powerful anytime account management tools.
Related Articles
It’s never too early to start saving for retirement
The best time to start setting money aside for retirement is when you feel like you’re too young to be even thinking about retirement. The sooner you begin saving, the more your interest will add up.
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1Review eligibility
Own a business in one or more of 26 select counties. View our "Become a Member" page for full eligibility.
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2Make an appointment
When you’re ready, schedule an appointment to visit your branch and apply in person.
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3Open your account
Start saving.
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