Contributions are tax-deferred, so you will only need to pay taxes on the amount you withdraw in the future, a little bit at a time, not all at once. You control when your taxes are paid.
The main advantages of a traditional retirement account are:
There are a number of factors to consider when choosing whether to open a traditional or Roth IRA. You don’t have to go to a big bank to open a traditional IRA account. Here at Liberty, we can help you decide if a traditional IRA is right for your financial situation.
If you convert a traditional IRA to a Roth IRA in Illinois, your funds will not be subject to income tax upon withdrawal. That’s because the state of Illinois excludes Roth IRA distributions from state taxable income and does not tax the conversion of a traditional IRA to a Roth IRA.
We can help you convert your IRA to take advantage of these savings.