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IRAs

Which Individual Retirement Account (IRA) solution is right for you?

Deciding whether to open a Roth IRA or Traditional IRA is a major decision with potentially large financial consequences. Both forms of the IRA are great ways to save for retirement, although each offers different advantages.

Traditional IRA

Features & Benefits

  • Your contribution(s) may be tax-deductible.
  • Earnings grow tax-deferred.
  • Higher FDIC insurance coverage than traditional certificates of deposit

Traditional IRA Requirements:

  • You must be at least 18 and have earned income to open an account.
  • Distributions are generally taxable in the year received and may be subject to 10% early withdrawal penalty if you are under age 59 and a half.
  • Withdrawals are mandatory by age 70 and a half.

Roth IRA

Features and Benefits

  • Contributions are not tax deductible.
  • Earnings grow tax free.
  • Principal contributions can be withdrawn any time without a penalty (subject to exceptions).
  • No mandatory distribution age.
  • Higher FDIC insurance coverage than traditional certificates of deposit.

Roth Requirements

  • Contributions may be limited by the Adjusted Gross Income (AGI) phase-out range.
  • You must be at least 18 and have earned income to open an account.

Rollover Retirement Solutions

With an IRA rollover, you can roll over any eligible distributions from an employer-sponsored retirement plan. Any earnings grow tax-deferred and distributions are generally taxable in the year they are received. Distributions may be subject to a 10% early withdrawal penalty if you are under age 59 and a half.

Start planning for the future today by calculating your personal retirement goals using our Retirement Calculator!

The information presented here does not represent legal advice. Because the eligibility requirements and tax treatments of our Traditional and Roth IRAs are distinctly different, we encourage you to discuss these issues with your tax advisor.

1For additional information see our Fee Schedule or contact us.