Traditional IRAs have been popular for years, and for good reason.
In many cases, the contributions are tax deductible, and the earnings are tax deferred until retirement. Please consult your tax adviser for specifics to your situation.
Withdrawals can be made before age 59½ for the first-time purchase of a home or for higher education for your children. The normal tax rate applies, but there is no penalty.
2020 Contribution Maximums:
The amount you can contribute to an IRA annually did not change in 2020.
The maximum regular contribution limit is $6000.
For those individuals age 50+, an additional catch-up contribution of $1000 is allowed.
Please consult your tax adviser first should you have any questions on contributions limits based on your earned income.
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