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IRAs

Plan for secure retirement with this tax-deferred way to save.

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Finance your future!
  1. Overview
  2. FAQs

Overview

An individual retirement account (IRA) is a great way to save for your retirement and reduce your tax bill as well. There are two types of IRAs:

Traditional IRA

Contributions to a traditional IRA are tax-deductible. Your earnings grow tax-deferred, so you will not pay income taxes on your investment earnings until you make withdrawals. Both deductible contributions and earnings are then taxed at your regular income tax rate when the money is withdrawn.

  • Allows contributions (as long as you have earned income) up to age 70½
  • Requires distributions to begin by age 70½
  • Provides a current tax deduction for eligible participants
  • Allows investment earnings to grow tax-deferred.

Roth IRA

Contributions to a Roth IRA are never tax-deductible, so they will always be tax-free upon distribution. Your earnings grow tax-deferred, so you will not pay income taxes on your investment earnings until you make withdrawals. If you take a “qualified distribution,” your earnings are tax-free.

  • Permits contributions as long as you have earned income
  • Does not require distributions to begin by a certain age
  • Can be passed along to heirs
  • Allows investment earnings to grow tax-deferred.

For more information, see the IRA Frequently Asked Questions or contact an advisor.

Open an IRA!