Traditional IRA

Save now. Pay taxes later.

A Traditional IRA helps you grow your retirement savings with tax-deferred contributions and earnings. You won’t pay taxes on the money you put in—or what it earns—until you withdraw it in retirement.

Key Contribution Facts:

• Under age 50? Contribute up to $6,500/year
• Age 50 or older? Contribute up to $7,500/year
• Make current-year contributions anytime
• Make prior-year contributions until April 15
• Choose from a money market or certificate account

Why Choose a Traditional IRA?

1. Tax advantages today: Your contributions may be tax-deductible, depending on your income and employer-sponsored retirement plan status.
2. Keep contributing: As long as you earn income, you can keep saving.
3. Tax-deferred growth: You won’t pay taxes on gains until you withdraw.

When You Withdraw:

• Required minimum distributions begin at age 72
• Withdrawals are taxed as ordinary income
• Early withdrawals may face penalties

Roth IRA

Pay now. Keep it later.

A Roth IRA gives you a different kind of tax break. You pay taxes on your contributions up front—but your money grows tax-free and qualified withdrawals in retirement are completely tax-free too.

Key Contribution Facts:

• Under age 50? Contribute up to $6,500/year
• Age 50 or older? Contribute up to $7,500/year
• Make current-year contributions anytime
• Make prior-year contributions until April 15
• Available to all earners with reportable income
• Choose from a money market or certificate account

Why Choose a Roth IRA?

1. Tax-free retirement income: No taxes when you withdraw qualified funds
2. Flexibility: Withdraw your contributions at any time, penalty-free
3. No age limit to contribute: Just keep earning income

When You Withdraw:

To enjoy tax-free withdrawals, both must apply:

1. You’re 59½ or older
2. Your account is at least 5 years old

Non-qualified withdrawals may be taxed or penalized.