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Traditional
(Individual Contributory) IRA - A Traditional IRA (also called
a Contributory IRA) can be established by an individual to
save money for retirement. Up to $2,000 a year of tax-deferred
earned income can be placed in an IRA until the account owner
turns 70½ years old. An individual can also contribute an
additional $2,000 a year of earned income to a separate IRA
for a non-income-earning spouse. Taxable distributions from
an IRA can be taken without penalty starting at age 59½ and
must be started by April 1 after the individual has reached
70½.ation IRA.
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