Know the Facts on a GuideStone® Traditional IRA
Why should I consider a Traditional IRA?
- If you expect to retire in a lower tax bracket
- If you want to invest more than your employer’s retirement plan allows
- If you want to open an IRA for your spouse or family member
What are the potential advantages of a Traditional IRA?
- Earnings accumulate tax-deferred.
- Contributions may qualify as tax-deductible. (See your contribution and deductibility limits.)
- Participants who are age 50 or older have expanded contribution limits.
- Contributions may be made for spouses, even if they have no income.
- Assets can be invested in our award-winning,1 faith-based Funds.
Learn more about our investment industry recognition as a Lipper Fund Award recipient from Refinitiv.
Who is eligible to contribute?
- Must have U.S. taxable earned income
- Must not have attained age 70½ (This is the calendar year in which the shareholder turns age 70½.)
- Must be within IRS income limits for the current tax year
How much can I contribute to my Traditional IRA?
- If you’re under age 50, you can contribute up to $6,000 annually.*
- If you’re age 50 or older, you can contribute up to $7,000 annually.*
*Or your annual household income, whichever is less. Based on IRS contribution limits.
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 or your parents, children or grandchildren ($10,000 lifetime maximum)
- Death or disability
- Certain medical expenses (or health insurance premiums due to unemployment)
How do I start an online application?
Open an account
Can I print an application?
Download, print and complete a Traditional IRA application
Please review the following information:
Traditional IRA Disclosure Statement
Traditional IRA Custodial Agreement
What if I would like to complete a rollover or transfer of assets?
Complete and submit this form to perform a direct rollover or transfer of assets:
Traditional IRA Transfer of Assets/Direct Rollover Form
Complete and submit this form to perform an indirect rollover:
Traditional IRA Rollover Certification Form
Where should I mail the completed application?
First-Class Mail® address:
P.O. Box 9834
Providence, RI 02940-8034
Overnight express address:
c/o BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581-1722
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