A great option for someone who expects to be in the same or lower tax bracket when they start taking withdrawals.
Your contributions could qualify for a tax deduction*
The most you can contribute to all of your traditional IRA is the smaller of:
$6,500 or $7,500 if you are age 50 or older by the end of the year or your taxable compensation for the year, if your compensation was less than this dollar limit
Contributions for the previous year may be made up until April 15th of the current year
You must start taking a required minimum distribution by April 1 following the year you turn 73 and by December 31st of later years
You can withdrawal at any time