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 $5,500 in 2017. Individuals age 50+ are allowed an additional $1,000 catch-up contribution per year. Up to $5,500 in 2017. 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 who is under age 70 1/2 in the contribution year. A non-working spouse may be eligible to contribute up to $5,500 in 2017. 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 All funds withdrawn, including principal contributions before age 59½, are subject to a 10% penalty (subject to certain exceptions).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 Qualified distributions can be withdrawn at any time without taxes or penalties.(If your account has been open five years AND you are 59½ years old or more, or because of death, disability, and for a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 Withdrawals are mandatory upon reaching age 70½. Withdrawals are permitted, penalty free, upon reaching the age 59½. There is no mandatory distribution age. Based on your plan type. Refer to Traditional and Roth IRA withdrawal sections for guidelines.

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