Individual Retirement Accounts (IRA)

IRAs (Individual Retirement Accounts) are tax-deferred savings accounts. This means that the interest you earn is not taxed until you withdraw it. This has two important benefits: First, you save money because you don't pay taxes on dividends earned over the life of the account. Second, your deposits may be tax-deductible. Consult your standard disclosure for full details on the IRA certificate.

Please contact us to learn more about opening an Individual Retirement Account

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Traditional IRA

Traditional IRA

Who can contribute?
Anyone under age 70.5 who has income from compensation (or who is filing jointly with a spouse who earns compensation). Anyone who has received a distribution from a qualified retirement plan and decides to move the proceeds of the plan into an IRA.

How much can I contribute?
  • You may be able to contribute up to $5,500
  • For owners age 50 and older, you may be able to contribute up to $6,500
  • Contributions cannot exceed compensation
Who can make deductible contributions?
  • Single individuals not active in employer retirement plans
  • Single individuals active in qualified retirement plans with MAGI below defined limits
  • Married couples with neither spouse active in an employer retirement plan
  • Married individuals active in qualified retirement plans filing joint tax returns with MAGI below defined limits
  • Married individuals not active in qualified retirement plans filing joint tax returns with spouses who are, as long as MAGI is below defined limits
What are the tax advantages?
  • Earnings grow tax-deferred until withdrawn
  • Contributions may be tax-deductible
When can I withdraw without restrictions?
Withdraw penalty-free for any of the following reasons:
  • Qualified higher-education expenses
  • First-time home purchase**
  • Age 59.5
  • Disability
  • Qualifying medical expenses exceeding 7.5% of adjusted gross income
  • Payment to beneficiaries upon the owner's death
  • Payment of health insurance premiums while unemployed for 12 weeks or longer

Roth IRA

Roth IRA

Who can contribute?
You are eligible if you earn compensation and your MAGI* is less than the defined limits set by Congress. If your MAGI is too high to contribute the annual contribution limit, you may be able to make a smaller contribution.

How much can I contribute?
  • You may be able to contribute up to $5,500
  • For owners age 50 and older, you may be able to contribute up to $6,500
  • Contributions cannot exceed compensation

Who can make deductible contributions?
No one can deduct contributions. Deductible up to annual contribution limit.

What are the tax advantages?

  • Earnings are tax-deferred and withdrawals are tax-free if the account is open for five tax years and withdrawals are tax-free if the account is open for five tax years and withdrawals are for qualified reason (age 59.5, disability, death, or first-time home purchase**)
  • Not required to start withdrawals at age 70.5

 

When can I withdraw without restrictions?
  • Regular contributions can be withdrawn tax-free and penalty-free at any time
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59.5, disability, death, or first-time home purchase**


* MAGI - Modified Adjusted Gross Income. Contribution and deductibility limits change frequently. Consult your tax professional regarding your individual circumstances.

** Lifetime limit for exemption on first-time home purchase is $10,000.

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