Traditional IRAs are the most common retirement plans, which can be used by anyone with earned income.

Benefits Include:

  • Contributions are made on a pre-tax basis and are tax-deductible for income earned the year the contribution is made.
  • Assets are purchased on a tax-deferred basis using IRA funds.
  • Distributions can be taken at the age of 59 ½ and are taxed at that time.
  • You may take distributions under the age of 59 ½ without incurring a 10 percent early-withdrawal penalty for qualified special circumstances. Check with your financial or tax advisor to ensure doing so falls within IRS regulations for these transactions.
  • Self-directed traditional IRAs can invest in many alternative investments chosen by the account owner, based on his or her own knowledge.

If you currently have a traditional IRA and want to control your own investment decisions, you can transfer those funds to a self-directed account with Midland IRA.

Ready to get started? Open an account today.