One of the most common individual retirement accounts (IRAs) is known as the traditional IRA. With this account, you can make pre-tax deposits into your retirement account and take advantage of tax-deferred growth. No dividend income or capital gains taxes are levied until you take the money out. You’re allowed to move 100% of anything you earn up to a defined dollar amount. Some limitations of contribution also apply to income levels.

Some people might even qualify for tax deductions on their traditional IRA contributions depending on their filing status, income, and other important factors. If you’re interested in setting up a traditional IRA account or you’d like to learn more about its benefits, the highly experienced tax professionals at Lacy Financial are more than happy to answer all of your questions.