A traditional IRA can provide potential tax relief today.1 Contact your Republic Bank of Arizona representative about this retirement-saving option.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 723
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3If you turned age 70½ prior to January 1, 2020, your RMD are based on 70½, not age 72.