Features & Benefits
Traditional IRAs offer several tax benefits, such as tax-deferred earnings. Please consult your tax advisor to determine the best retirement options for you and your specific situation.
- Earnings grow tax-deferred, and you won’t owe income taxes until you make withdrawals*
- Contributions may be tax-deductible (please read Eligibility Requirements below)
- IRS penalty-free withdrawals are allowed prior to age 59 ½ (up to a lifetime limit of $10,000) when funds are used for qualifying expenses such as a first-time home purchase, higher education expenses, medical expenses, disability, IRS levy, divorce or death
A Roth IRA offers tax-free withdrawals in retirement, providing a smart and flexible way to build a tax-efficient retirement nest egg.
- Offer tax-free growth and more flexible withdrawal rules compared to a Traditional IRA**
- Contributions can be withdrawn penalty- and tax-free at any time
- No requirement to start withdrawing money at age 70 ½
- After the account has been active for five tax years, earnings can be withdrawn penalty- and tax-free for a first-time home purchase, disability, death or because you’ve reached age 59 ½
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*To make tax-deductible contributions to a Traditional IRA, you must be younger than 70½ years while receiving compensation, generally considered income earned from working. Then you’re automatically eligible if neither you nor your spouse is covered by an employer-sponsored retirement plan, regardless of your income level.
**Assuming you meet the Modified Adjusted Gross Income (MAGI) limits, you can contribute to a Roth IRA even after turning age 70 ½ as long as you’re working and earning income. Roth IRAs do not require minimum distributions when you turn age 70 ½. Further, participating in an employer-sponsored retirement plan does not affect your Roth IRA eligibility.
Please note, consult with your tax adviser to discuss your individual situation.
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