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Save for your retirement while enjoying tax advantages now. A Traditional IRA offers a competitive interest rate on your deposits. Anyone can open an IRA–learn more about this type of retirement savings account.

What is a Traditional IRA?

A Traditional IRA works similarly to a 401(k) account. Anyone can open a Traditional IRA. Self-employed or contract workers without an employer-sponsored retirement account can open an IRA to save for retirement. Even if you have a 401(k) or other type of retirement account, you can open an IRA to enjoy additional tax benefits and retirement savings. The features of a Traditional IRA include:

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70 ½

Traditional vs. Roth IRA

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement. You can open both types of IRA accounts if you wish to, though the Roth has income limits for who can contribute.

Open A Traditional IRA!

West Shore Bank has been Making a Difference Since 1898. For over a century, West Shore Bank has remained committed to helping the people and businesses along the lakeshore to improve their financial well-being. Visit one of our nine locations in Ludington, Frankfort, Hart, Manistee, Onekama, Scottville, or Traverse City.

Apply now to open a Traditional IRA account in Michigan!


1 Subject to some minimal conditions. Consult a tax advisor.
2 Certain exceptions apply, such as healthcare, purchasing first home, etc.
3 Consult a tax advisor.