Traditional IRAs

IRAs are among the numerous choices for individual retirement arrangements. They can be established by an individual for tax-deferred retirement savings. Some contributions may also be deducted from your taxable income in the year of contribution.

A traditional IRA is simple way to save for retirement. It is often used by those with no other tax-favored way to save for retirement.

Anyone who does not reach age 70½ by the end of the year and receives taxable compensation during the year can set up and make IRA contributions. For spouses, compensation is shared between spouses, which allows both to set up separate IRAs — even if only one spouse is working. Although there is an upper age limit for participation, there is no minimum age requirement. Compensation is the only other factor to consider.

Contact your Johnson Bank personal banker for more information.