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Traditional IRA

A Traditional Individual Retirement Account (IRA) can be an effective retirement tool for individuals under the age of 70½. With a Traditional IRA from Spencer, you will be provided the tools to save for retirement while gaining various tax advantages. Opening an IRA now and contributing to it regularly can create a secure retirement setting for your future. To see just how much you can save with your Traditional IRA by retirement, try our IRA calculator located below. Compare the advantages of a Traditional IRA with those of a Roth IRA using our convenient comparison chart: Traditional vs. Roth

Spencer’s IRAs are guaranteed by the FDIC up to $250,000 per depositor.
Why Spencer?
  • Hassle-free rollovers and transfers
  • Minimum to open as low as $500
  • Variety of terms available to meet your needs
  • One term change allowed per year for customers over 59 ½ years of age without penalty
Benefits
  • Tax-Deferred Earnings
  • Contributions and earnings can be withdrawn penalty-free after age 59½
  • Contributions may be tax-deductible, provided that eligibility requirements are met
  • Earnings and tax-deductible contributions are taxed as income upon withdrawal
Who Can Invest?
  • Anyone earning income and under 70½
Maximum Annual Contribution
  • 5,500 (below age 50)
  • $6,500 (age 50 and older)

Open Your Account Today

Apply online, visit your local branch, or call us at 1-800-363-8115 today!