You’ve worked hard for this. When it’s time to kick off your golden years, turn to a tax-advantaged1 IRA to do the heavy lifting.
Key Features
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Competitive Interest
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Tax Advantages
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No Annual Fees
Details
- Save for retirement with tax advantages1
- Earn competitive interest higher than regular savings
- Interest compounded and credited quarterly
- Available in traditional and Roth
- Annual contribution limits apply
- $1,000 annual “catch up” contributions allowed for ages 50 and better
- No annual fees or set up fees
- Set up automatic transfers for easier savings
- Also available as a CD within IRA
- No minimum deposit to open
Traditional vs. Roth
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.
Traditional IRA
- 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
Roth IRA
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.