Retirement Savings

Compare IRAs

  Traditional Roth
Product Benefits Increased savings potential with tax free contributions, and tax deferred earnings.

Pay income taxes on your contributions at today’s tax rates, but enjoy tax free distributions.

Contribution limits may apply.

> More Information > More Information
Eligibility Must have earned income and be under age 70½ by the end of the calendar year.
 

No age restrictions.  2017 MAGI of less than:

  • $118,000 if tax filing status is single
  • $186,000 if Married filing jointly
Maximum Annual Contribution

Total contributions to all IRAs may not exceed the following amounts:
 

  • $5,500 if under age 50
  • $6,500 if over age 50
  • There are no dollar limits on Rollover contributions.

Contributions must not exceed annual earned income.

Limits for MAGI earners of less than: $118,000 for single, or $186,000 for joint: 
 

  • $5,500 if under age 50
  • $6,500 if over age 50
  • There are no dollar limits on Rollover contributions.

Limits are phased out for MAGI earners between:

  • Single: $118,000 – $133,000
  • Joint: $186,000 - $196,000

Contributions must not exceed annual earned income.

Federal tax treatment of contributions

Tax Free as long as you’re not covered by an employer’s retirement plan.

Taxable if both you and your spouse are covered by an employer retirement plan and your 2014 MAGI is above: $118,000. if filing joint or $71,000 if single.

Taxable if either you or your spouse is not covered by an employer retirement plan and your 2014 MAGI is above $194.000.

Contributions are Taxable.
Tax-deferred growth Yes Yes
Account Access without penalty Accessible after age 59½ without penalty, unless a qualified exception applies. Accessible after age 59½ and contributions have been invested for at least 5 years, unless a qualified exception applies.
Federal tax treatment of distributions Generally taxable, unless contributions were non-deductible. Tax Free for qualified distributions.
Penalty for non-qualified distributions. 10% + Tax on distribution amount 10% + Tax on distribution amount
Required Annual Distributions

Must begin by April 1 of the year after the year you turn 70½.

If minimum distributions are not made, a 50% penalty tax will apply against the amount that should have been withdrawn.

Not applicable

Other exceptions may apply.  Go to www.irs.gov or seek the advice of a qualified tax advisor to see if our distribution qualifies to be penalty free.

The tax filing status chosen by an individual when filing their taxes. (Single Filer, Married/Joint Filer, Married/Single Filer)
Modified Adjusted Gross Income for federal tax purposes.  See IRS Pub. 590.

First-time home buyer: Up to $10,000 without penalty.  Generally taxable.

Qualified higher education expenses: Generally taxable, but penalty free.

Death or disability: Generally taxable, but penalty free.

First-time home buyer: Up to $10,000 without penalty. Tax free if invested longer than 5 years.

Qualified higher education expenses: Gains related to the distribution amount are taxable, but not subject to penalty.

Death or disability: Penalty free. Tax free if invested longer than 5 years.