INDIVIDUAL RETIREMENT ACCOUNTS

An individual retirement account (IRA) is a tax-advantaged account that helps you save for retirement.

 

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Individual Retirement Account (IRA)

An individual retirement account (IRA) is a tax-advantaged account that helps you save for retirement. The contributions you make to your IRA can be invested in a variety of ways, including annuities, mutual funds, stocks and bonds.

There are two types of IRAs traditional and Roth. Learn more about each type, the benefits of a rollover and what is right for you.

Traditional IRAs

When you put money in a traditional IRA, your contributions may be tax-deductible, plus any growth in your account is tax-deferred.  You can access your money for any reason, including to pay for certain things, like a first home or educational expenses. 

Roth IRAs

With a Roth IRA, the money you put into your account is after-tax dollars. And because you’ve already paid taxes on the money you’ve put in, you won’t have to worry about taxes when you withdraw it.

DIFFERENCES BETWEEN A TRADITIONAL & ROTH IRA

Which one is right for you?

Are under 70½ years old and you or your spouse are not currently covered by an employer-sponsored retirement plan.

Currently have earned income.

Think you may be in a lower tax bracket in retirement.

Don’t think you’ll need to take money out of your account until retirement.

Want or need to start withdrawing from your account between ages 59½ and 70½.

Would benefit from a potential immediate federal income tax deduction.

Have a 2016 modified adjusted gross income (MAGI) less than:

  • $117,000 (single filer)
  • $184,000 (joint filer)

Currently have earned income.

Think you may be in a higher tax bracket in retirement.

Want the flexibility to take money out whenever you want and for any reason.

  • Your contributions and conversions can be withdrawn income tax-free.
  • Your earnings, however, may be subject to taxation and penalties (if withdrawn prior to age 59½).

Want your account to have growth potential as long as possible without being required to start withdrawals at a certain age.

Would benefit from qualified distributions that are free from federal income tax in the future

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