Consider a simple, yet powerful, retirement product

Provides the potential for tax-advantaged growth and overall tax management.

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Fidelity Advisor Traditional IRA Details

Target Market

Clients who:

  • Maximize contributions to their employer-sponsored retirement plans and want to save more
  • Need a retirement plan for a nonworking spouse
  • Do not have a workplace retirement plan

Eligibility Requirements

  • No maximum age limit provided compensation requirements are met.
  • For tax year 2023, if a client is covered by a plan at work, in order to take the full deduction the client must have a modified adjusted gross income (AGI) of less than $73,000 (single or head of household) or $116,000 (married filing a joint return). Partial deductibility AGI limits are less than $83,000 (single) and $136,000 (joint).

Fund Offering

  • Fidelity Advisor funds in multiple share classes

Maximum Contributions

  • Lesser of $6,500 or 100% of compensation; $7,500 if age 50 or older.1 Maximum contribution is reduced by any amount contributed to a Roth IRA for the same year.
  • Spousal IRA for nonworking spouse: $6,500; $7,500 if spouse is age 50 or older1
  • Deductibility of contributions depends on whether owner and/or spouse is an active participant in an employer-sponsored retirement plan, his or her filing status, and AGI


  • Established and funded prior to the tax-filing deadline (no extensions) for contributions to be applied to the previous tax year


  • Deductible contributions and any earnings are taxable as ordinary income in the year distributed
  • Penalty-free distributions after age 59½
  • 10% IRS early withdrawal penalty if taken before age 59½; however, a distribution may be penalty-free if taken for:
    • qualified first-time home purchase ($10K lifetime limit)
    • qualified higher education expenses
    • certain unreimbursed medical expenses over 7.5% of AGI
    • certain health insurance premiums if unemployed
    • disability or death
    • substantially equal periodic payments2
  • Required minimum deductions (RMDs) beginning at age 72. The change in the RMD age requirement from 70½ to 72 only applies to individuals who turn 70½ on or after 1/1/20. Please speak with your tax advisor regarding the impact of the SECURE Act on future RMDs.
  • Qualified charitable IRA distributions3

Product Advantages

  • Flexible distribution options for estate planning and tax management
  • Contributions may be deductible from current income
  • Contributory assets up to $1 million now may be protected from creditors4
  • Earnings grow tax deferred

Get Started with Your Clients

Meet with your client to discuss retirement goals and create an income plan
Share the IRA Enrollment Guide with your client
Complete the new account application or rollover form

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