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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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