Earn higher dividends than a savings account with an IRA Share Certificate.
Take advantage of tax benefits available with an Individual Retirement Account (IRA)*. You can add money on a regular basis, with terms from 3 to 60 months.
Your options include:
- Traditional IRA
- Roth IRA
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IRAs Quick Facts
|Traditional IRA||Roth IRA|
|Account descriptions||Your earnings grow tax-deferred and, if eligible, your contributions may be tax-deductible as well.
You can also roll over your 401(k) or employer-sponsored qualified retirement plan to consolidate your retirement assets.
|You make after-tax contributions but the money you withdraw after retirement may be free from federal taxes.|
|Eligibility to contribute||You can contribute up to the year you turn 72 as long as you have earned income.||You can contribute at any age as long as you have earned income and meet the income limitations.|
|Maximum annual contribution||$6,500 ($7,500 age 50 and older).||$6,500 ($7,500 age 50 and older).|
|Tax-deductible contributions||You can deduct your contributions if you meet the eligibility requirements.||Contributions are made in after-tax dollars and are not tax-deductible.|
|Taxation of earnings and withdrawals||Tax deductible contributions and earnings are taxed as ordinary income when withdrawn.
After tax contributions are withdrawn tax-free.
|Contributions (all are made after tax) are always income tax free. Earnings may be income tax free if the account is held for 5 years and are withdrawn for a qualified reason.
Withdrawal of earnings for nonqualified reasons may be taxed as ordinary income and subject to an early withdrawal penalty.
|Withdrawal penalties||10% IRS early withdrawal penalty if withdrawn before age 59 1/2 unless exception applies.||No penalties for withdrawals of contributions.
10% IRS early withdrawal penalty if earnings withdrawn before age 59 1/2 unless exception applies.
|Required withdrawals||Must begin at age 73.||Upon death of owner|
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IRAs Quick Links
The SECURE act was signed into law on December 20, 2019 as part of the FCAA bill. Review the summary of IRA provisions below to see how this may impact you.
*Consult your tax advisor.