IRA ACCOUNTS

Explore all of our IRA options to determine which is right for you.

Traditional

Contribute income before it is taxed and enjoy tax-deferred savings until retirement when withdrawals are subject to taxes.

  • To contribute, you must be under age 70 ½ and you or your spouse must have earned income.
  • If you are under age 50, you may be eligible to make a contribution of up to $5,500 per year.
  • If you are 50 or older, you may be eligible to make a contribution of $6,500.
  • Your tax adviser can help you determine if your contribution is eligible for a tax deduction or credit.

Roth

You contribute income after taxes and enjoy tax-free earnings until retirement when withdrawals can be tax-free.

  • You can withdraw contributions at any time, tax-free and penalty free.
  • Earnings can be withdrawn tax-free provided the account has been open for five years and you are 59 ½ (other circumstances such as a first-home purchase also qualify).
  • You must have earned income equal to the amount of your contribution.
  • To make the maximum contribution according to your age, your modified adjusted gross income must be less than $118,000 for a single person and less than $186,000 for a married couple that files jointly.

Coverdell

A tax-deferred plan that lets you save funds for college.

  • Account allows the total after tax contributions up to $2,000 per year for each child until he or she reaches age 18. The contributor's modified adjusted gross income (M.A.G.I.) during the tax year of the contribution must be within the maximum permitted limits.
  • When the money is withdrawn to pay for qualified education expenses, earnings are tax-free.