What are some potential advantages of opening a Traditional IRA?
- Earnings accumulate tax-deferred.
- Contributions may qualify as tax deductible (see deductibility limits).
- Participants who are 50 or older have expanded contribution limits.
- Contributions may be made for spouses, even if they have no income.
- Assets can be invested in a wide variety of our Funds — including MyDestination Funds®.
How much can I contribute to my Traditional IRA?
- If you’re under 50, you can contribute up to $5,000 annually.*
- If you’re 50 or older, you can contribute up to $6,000 annually.*
What are the potential limitations on withdrawals?
You may choose to take penalty-free withdrawals from your Traditional IRA after age 59½ but must begin taking them by age 70½. In either case, there are no penalties imposed, but federal income tax will apply to withdrawals (except for the return of non-deductible contributions). In addition, any withdrawals made prior to age 59½ are subject to a 10% penalty, except in the following circumstances:
- Higher education expenses for you or your immediate family members.
- First-time home purchase expenses to buy or build a first home for yourself, your parents, children or grandchildren ($10,000 lifetime maximum).
- Death or disability.
- Certain medical expenses (or health insurance premiums due to unemployment).
Enroll now
For answers to any other questions about opening a GuideStone RightChoice IRA™, we’re available to answer your calls at 1-888-98-GUIDE (1-888-984-8433) between 7 a.m. and 6 p.m. CST Monday–Friday. You can also e-mail us at your convenience.
*Or your annual household income, whichever is less. Based on 2012 contribution limits.
Retail products made available through GuideStone Financial Services, member FINRA.