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.
AccountsIndividuals & FamiliesIndividualJoint(JTWROS)Joint(TIC)
Retirement & IRAsTraditional IRAROTH IRASEP IRARollover IRA401(k) and 403(b) Rollovers
Trust, Estate & CharitableGalleon Flagship TrustGalleon Flagship EstateCharitable Equity Opportunities (CEO)
Education & Custodial529 PlansCustodialEducation Savings
Special Purpose Accounts Impact InvestingGreen PortfoliosHedge FundsMedical
Businesses & CorporationsCorporationPartnershipLimited Liability CompanyEmployee Retirement PlansGeneral Business Investing
Professional AccountsAdvisersInstitutionalMoney Management
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- A retirement savings plan that allows an individual to contribute earnings until they are withdrawn.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RMD annually, or fails to withdraw the RMD, there is a 50% tax penalty that may be imposed by the IRS on the amount not withdrawn.