Savings and InvestmentsIndividual Retirement Accounts |
What is a traditional IRA? |
A traditional type IRA is an individual retirement account that allows employees to make tax deductible contributions up to a certain limit each year for the duration of their working lives, until they retire. The earnings and balance of the account, together with the employer’s match, are then taxed at whatever tax rate you are at when you begin to withdraw this money at retirement.