It's never too early to think about retirement planning. A Traditional IRA lets you enjoy the benefits of tax-deductible contributions, and tax-deferred earnings.
When it comes to your long-term care, don't make short-term plans.
More about Traditional IRAs:
- Penalty-free withdrawals for first-time home purchases and certain college expenses
- Eligibility: younger than 70 1/2
Contribution limits1 for 2019 and 2020 are as follows:
- Age 49 and under: $6,000
- Age 50 and above: $6,000 + $1,000 catch-up