Traditional IRAs
A Traditional IRA is a smart way to save for retirement because the money you set aside can grow tax-deferred,
meaning no tax is due until the money is distributed. Your contributions may also be entirely or partially tax-deductible.
Who is it for?
Anyone under the age of 70 with earned income who wants to save money for their retirement with an account that allows their money to grow tax-deferred until retirement age.
What's in it for you?
- Money grows tax-deferred.
- Contributions may be tax-deductible. 1
- Automatic distributions available.
- Can be consolidated with other personal IRAs.
Additional Links
- North Shore Bank Certificate of Deposits are FDIC insured..
- You will receive expertise and guidance from a North Shore Bank IRA Professional.
- Check out how Southeast Wisconsin companies fare against the market. Follow North Shore Bank Biz Times WI Stock Index. This regionally focused index is based on prices of publicly traded stocks of nationally listed companies headquartered in Southeastern Wisconsin.
What else you should know.
- Learn how much you can contribute.
- You can actually take a "distribution" or withdrawal from a Traditional IRA at any time, but you must wait until age 59½ to withdraw money without penalty. Distributions taken prior to age 59½ are subject to an IRS penalty of 10% More.
- 1 Your contributions to a Traditional IRA may or may not be tax-deductible. Deductibility is determined by two factors, whether you actively participate in an employer-maintained qualified retirement plan and your modified adjusted gross income. Learn more.
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