Traditional IRA

Anyone with earned income can contribute ($7,500 in 2026, shared with any Roth IRA contributions), but the deduction phases out at higher incomes if you or your spouse are covered by a workplace plan. For a single filer covered at work, it phases out between $81,000 and $91,000 of modified AGI.

Withdrawals before 59½ usually face a 10% penalty plus income tax, and required minimum distributions start at age 73 (75 for people born in 1960 or later).