Individual Retirement Accounts (IRAs)

Review the options below and then contact us to map your journey.

traditional ira roth ira EMPLOYER SPONSORED PLAN TO IRA ROLLOVER
key benefits Take advantage of tax benefits. Contributions grow tax-deferred. Enjoy tax-free withdrawals in the future. Contributions grow tax-free. Tax-deferred growth. May offer greater control in your investment options.
maximum annual contribution Up to $6,000 in 2020. Individuals age 50+ are allowed an additional $1,000 catch-up contribution per year. Up to $6,000 in 2020. Individuals age 50+ are allowed an additional $1,000 catch-up contribution per year. No maximum rollover amount. For contribution limits, refer to your applicable plan type.
eligibility requirements Anyone with earned income in the contribution year. A non-working spouse may be eligible to contribute up to $6,000 in 2020. Refer to IRS guidelines for further details. No age limitation. Refer to IRS guidelines for earned income requirements and Modified Adjusted Gross Income limits. Anyone with employer-sponsored plan assets when you switch jobs or retire.
contribution deadline IRS tax filing deadline, excluding extensions. IRS tax filing deadline, excluding extensions. Subject to specific employer plan constraints as well as IRS regulations
withdrawals All distributions are typically subject to federal and state taxes. All funds withdrawn, including principal contributions before age 59½, are subject to a 10% penalty (subject to certain exceptions). Refer to IRS guidelines for further details. Qualified distributions can be withdrawn at any time without taxes or penalties if your account has been open five years AND you are 59½ years old or more, or because of death, disability, and for a first-time home purchase. Refer to IRS guidelines for further details. Based on your plan type. Refer to Traditional and Roth IRA withdrawal sections for guidelines.
age for required distributions Required Minimum Distributions (RMDs) are withdrawals that are mandatory for IRA owners to take as of April 1 the year after they reach age 70 ½ (if this occurs prior to 2020). Effective January 1, 2020, RMDs are mandatory for IRA owners to take as of April 1 the year after they reach age 72. There is no mandatory distribution age. Based on your plan type. Refer to Traditional and Roth IRA withdrawal sections for guidelines.

Important Changes to IRAs Effective January 1, 2020: The Setting Every Community Up for Retirement Act of 2019 (SECURE Act of 2019) includes several changes to IRAs that may impact current IRA owners. For details of these changes, refer to the IRA Disclosure Supplement.

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