Traditional IRA Plan Eligibility
Traditional Individual Retirement Accounts have regularly been used to help save for retirement since the mid-1970s. The Traditional IRA program is funded with pre-tax dollars, and contributions are tax deductible, making them attractive to investors interested in taking advantage of the tax benefits.
As long as the IRA is used for legitimate retirement purposes, there is no limit to the amount deposited into the account. The account must remain active; however, to preserve the tax benefits. This means you must make regular contributions, and withdraw the money only after you retire. Additionally, penalty fees and taxes apply if you withdraw money during other times.