Domain Money

A traditional IRA offers several benefits, including:

Tax-deferred growth: You will not pay any taxes on the money in your traditional IRA until you take money out to use it in retirement

Tax deductions: You may be eligible to deduct your contribution from your income, which means you’ll pay less in taxes this year

No age restrictions for contributions: As long as you have qualifying earned income, there’s no age limit on making contributions to your Traditional IRA 

Protection from creditors: In some cases, IRAs are protected from creditors in the event of bankruptcy

- Tax-deferred growth: You will not pay any taxes on the money in your traditional IRA until you take money out to use it in retirement
- Tax deductions: You may be eligible to deduct your contribution from your income, which means you’ll pay less in taxes this year
- No age restrictions for contributions: As long as you have qualifying earned income, there’s no age limit on making contributions to your Traditional IRA 
- Protection from creditors: In some cases, IRAs are protected from creditors in the event of bankruptcy