IRA Benefits and Options
Bring retirement into focus with savings products that help put you in control.
Traditional IRA
Perfect for long-range planning goals, the tax-deductible Traditional IRA allows you to invest up to $7,000 of your earned income in a tax-deferred account. When you take your distribution, the income is treated as ordinary income and is subject to tax.
Traditional IRA Benefits
- Contribute up to $7,000 ($8,000 if you are age 50 or older)
- Enjoy tax-deferred growth until you withdraw money
- Contributions may be tax-deductible depending on your income, tax-filing status and other factors
- Distributions can be taken as early as age 59½
Roth IRA
A Roth IRA is similar to a Traditional IRA in its annual contribution limit of $7,000. The difference is that you fund the Roth IRA with after-tax dollars and pay no income tax on qualified distributions.
Roth IRA Benefits
- Contribute up to $7,000 ($8,000 if you are age 50 or older)
- Pay no income taxes or penalties on qualifying withdrawals
- Choose a savings IRA or brokerage IRA option
