With a traditional IRA, you make contributions with money you may be able to deduct on your tax return. Any earnings potentially grow tax-deferred until you withdraw them in retirement.
Any earnings grow federal income tax-deferred.
10% early withdrawal penalty may apply for other withdrawals taken prior to age 59½ if no exceptions apply.
Penalty-free withdrawals for first home purchase, birth, adoption and certain college expenses.
Required minimum distributions (RMDs) starting at age 72*
Starting in 2020, as long as you are still working, there is no age limit to be able to contribute to a Traditional IRA. The Secure Act, signed into law on December 20, 2019, removed the age limit in which an individual can contribute to an IRA. The top age prior to the law was 70½.
2019: $6,000 ($7,000 if age 50 or older)
There is no minimum to open the account
Certain investments, like mutual funds, require a minimum initial investment
Access to a wide range of investments offering growth or income including mutual funds, stocks, bonds, ETFs, and FDIC-insured CDs
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IRA Contribution Calculator
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Follow these three steps to open a new IRA or transfer an IRA from another provider to Fidelity.