Individual Retirement Accounts (IRAs)
- TRADITIONAL IRA
- ROTH IRA
- EMPLOYER SPONSORED PLAN TO IRA ROLLOVER
Individual Retirement Accounts (IRAs)
Review the options below and then contact us to open an IRA today.
- TRADITIONAL IRA
- ROTH IRA
- EMPLOYER SPONSORED PLAN TO IRA ROLLOVER
- KEY BENEFITS
- Take advantage of a current year tax deduction and tax-deferred growth.
- 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 $6,500 in 2023. Individuals age 50+ are allowed an additional $1,000 catch-up contribution per year.
- Up to $6,500 in 2023. 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
- No age limitation. Anyone with earned income in the contribution year. A non-working spouse may be eligible to contribute up to $6,500 in 2023. 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 All funds withdrawn, including principal contributions before age 59½, are subject to a 10% penalty (subject to certain exceptions).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 taken at any time without taxes or penalties if your account has been open five years AND you are 59½ years or older, or because of death, disability, or for a first-time home purchase. Contributions can be taken out at any time. 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) for IRA owners must be taken by April 1 in the year after they reach age 73.
- There are no Required Minimum Distributions (RMDs).
- Based on your plan type. Refer to Traditional and Roth IRA withdrawal sections for guidelines.
Which IRA is right for you? Contact us for help.
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