Traditional IRA Inherited

A Traditional IRA account may give you an immediate tax benefit because contributions are often tax deductible. Taxable distributions from an IRA 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.

An inherited IRA is created when someone inherits an IRA after the death of the original owner. If you’ve inherited an IRA or an account in an employee-sponsored retirement plan, consider transferring it to a Galleon Inherited IRA and get professional, one-on-one guidance from Global Advisers. You’ll receive all the tax advantages of the IRA, as well as the ability to withdraw funds according to a set schedule over your lifetime.

Anyone with earned income is eligible to contribute to a Traditional IRA. However, there are Traditional IRA contribution limits. The maximum total annual contribution for all of your IRAs combined is:

AgeLimitCatch up amount
Under Age 50$6,000$0
Age 50 or older$7,000$1000

Account Features & Benefits

  • A retirement savings plan that allows an individual to contribute earnings until they are withdrawn.
  • Contributions are subject to annual limits depending on the age of the account owner and may or may not be deductible depending on the individual’s circumstances.
  • Earnings accumulate tax deferred until distributed to you at which time the earnings are subject to tax upon withdrawal.
  • A spouse may contribute to a separate account subject to the same limits.
  • Withdrawals made prior to age 59½ are subject to a 10% penalty unless certain special circumstances apply.
  • Distributions must begin by the account owner’s required beginning date (RBD), which is April 1 following the year that the account owner reaches age 70½.
  • Once the account owner reaches age 70½, he or she must withdraw at least a minimum amount called an annual Required Minimum Distribution (RMD).
  • If an account owner fails to withdraw the full amount of the RMD annually, or fails to withdraw the RMD, there is a 50% tax penalty that may be imposed by the IRS on the amount not withdrawn.

Global Advisers Retirement Services

Interested in our services? Speak with a financial professional.


Ext — 1380

Monday – Friday 8 a.m. to 8 p.m.
Saturday 10 a.m. to 4 p.m.
Eastern time

Retirement Planning

Mostly everyone dreams of a comfortable, secure, and meaningful retirement. This requires a stable income stream, less exposure to …

Retirement Services

Our retirement services compliment our financial planning and solutions services. They are designed to help our clients prepare for retirement, create wealth, and …

Seeking Income

If you are seeking income from your investments, we can show you strategies and help you identify opportunities are present even in a low interest rate environment…

Retirement Solutions

Our approach takes the stress out of planning for retirement. Learn how our retirement strategies helped others to live life on their terms.