A Traditional IRA is a personal savings plan that gives you tax advantages by setting aside money for retirement.
This product can be obtained individually but most people are familiar with a Traditional IRA as being offered to them through their
companies 401k program. Remember Traditional IRAs are required to be funded with employment income (taxable income).
The main benefit of the Traditional IRA is it allows for Tax-deferred status. So what ever you contribute towards
your IRA comes off your yearly income, thereby reducing your total tax liability.
Traditional IRA accounts allow you to deduct your contributions so that you can take advantage of growth with taxes
deferred until retirement.
