IRAs
We'll help you get started with an Individual Retirement Account (IRA), so you can save for retirement on your own terms.
Traditional IRA
- Contributions are tax deductible*
- Withdrawals can begin at age 59½
- Mandatory withdrawals at age 72 (73 if you reach 72 after 12/31/2022)
- Early withdrawals subject to penalty**
- No income limits to open
- Earnings are tax deferred until withdrawal
*Subject to some minimal conditions. Consult a tax adviser.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Roth IRA
- Adjusted gross income must be less than $146,000 to contribute ($230,000 for joint filers)*
- Contributions are NOT tax deductible
- Qualified withdrawals of earnings are penalty-free**
- Principal contributions can be withdrawn without penalty**
- Early withdrawals on interest subject to penalty***
- Withdrawals on interest can begin at age 59½
- No mandatory distribution age
*As of 2024; IRS may change figure annually.
**Subject to some minimal conditions. Consult a tax adviser.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.
**Subject to some minimal conditions. Consult a tax adviser.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.
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