Retirement Savings
Compare Accounts
Traditional
IRA
How to apply
-
$1,000
Minimum opening balance
-
None
Maintenance fee
-
Yes
Required minimum distributions beginning at age 73
-
- Contributions are tax deductible1
- Withdrawals are taxed as ordinary income, and penalties apply if they are made before age 59½
Roth
IRA
How to apply
-
$1,000
Minimum opening balance
-
None
Maintenance fee
-
No
Required minimum distributions beginning at age 73
-
- Contributions are not tax deductible1
- Assets can grow tax free
- Withdrawals are generally tax and penalty free after age 59½ and the account has been open for 5 years
Rollover Retirement Account
How to apply-
$1,000
Minimum opening balance
-
None
Maintenance fee
-
Yes
Required minimum distributions
beginning at age 73 -
- Allows you to roll over your 401(k) or other employer-sponsored plan when you leave your company
- Helps avoid taxes and other early withdrawal penalties
Disclosures:
1 Limitations and restrictions may apply to IRA accounts. Withdrawals before age 59½ may result in a 10% early withdrawal penalty from the IRS and other fees. Future tax laws can change at any time and may impact the benefits of any IRA account. Certain conditions apply to tax deductible qualifications of Traditional IRA contributions. Certain conditions apply to qualifications of tax-free Roth IRA distributions. Always consult with your tax advisor to consider any and all tax ramifications before making any investment decisions.
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