A Traditional IRA is a type of Individual Retirement Account in which contributions may be tax-deductible until they are withdrawn. At that time, taxes are applied. Anyone under 70 1/2 with qualifying income can contribute to a Traditional IRA. Penalties may be charged if the funds are withdrawn early. Consult a tax advisor to learn about possible tax advantages.
Jason is the founder of phroogal, creator of the award winning project Road to Financial Wellness, and author of the bestseller and New York Times reviewed book, You Only Live Once. Jason is a world traveler, certified yoga teacher, and breath work specialist.