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IRA

Whether retirement is just around the corner or decades away, you can take steps today to save on taxes and secure your future. With a traditional IRA, you save on taxes now because your contributions may be tax-deductible. With a Roth IRA, you pay taxes on your contributions now, but you don’t pay taxes on your distributions.


Traditional IRA

With a traditional IRA, you may get double tax benefits: You’re often able to deduct your contributions from your taxable income and the interest grows tax-deferred. That means you don’t have to pay taxes on your investment earnings until you request a distribution—and at that time, you may be in a lower tax bracket. Calculate your future finances by utilizing this retirement planning calculator.

Roth IRA

With a Roth IRA, your earnings and withdrawals grow tax-free. That is, when you withdraw your money, you may not have to pay taxes! Plus, after you’ve owned the account for five years, you can request a distribution of your money anytime after age 59½.

Age limit to contribute
Traditional IRAUnder 70 1/2
Roth IRANone
Income limits
Traditional IRAEarned income
Roth IRACan't exceed annual income for Modified Adjusted Gross Income (MAGI) limits
Contributions may be tax-deductible
Traditional IRAYes
Roth IRANo
Pay taxes on distributions
Traditional IRAYes
Roth IRANo (as long as all requirements are met)
Penalties on distributions before age 59 1/2
Traditional IRAYes, a 10% federal penalty tax
Roth IRAA 10% federal tax penalty on interest earned
Required minimum distributions (annually beginning at age 70 1/2)
Traditional IRAYes
Roth IRANo
Hammock
Certificates of Deposit

Grow your money faster

Earn solid rewards without the risk.

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Money Market Accounts

Save, Earn, Repeat

Money market accounts are a smart option for those who want to grow their funds but limit their risk. The more you save, the more you earn.

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