A traditional IRA is a retirement plan that allows tax-deductible contributions to workers under the age of 70½.
Who can contribute?
Anyone with an earned income and under the age of 70½ can contribute. For married couples filed jointly, a nonworking spouse can also contribute.
Are there contribution limits?
For 2013, workers under the age of 50 can contribute up to $5500 of their earned income. For workers 50 or older, the maximum contribution is $6500.