Funded with after-tax dollars.
Earnings and qualified withdrawals are tax-free.
Contributions are not tax deductible.Limitations apply
Funded with pre-tax dollars.
Earnings are tax-deferred.
Contributions are tax-deductible up to certain income limits.Limitations apply
Think your tax rate will be higher when you withdraw? Go with a Roth IRA.
Think your tax rate will be lower when you withdraw? Choose a Traditional IRA.
(limits based on income and tax filing status).
(income limits apply for tax-deductible contributions)
Withdraw earnings without IRS penalty at age 59½ if your account is at least 5 years old.
Withdraw contributions and earnings without IRS penalty at age 59½.
Distributions are required to start by age 70½ if you were 70½ by 12/31/2019. If you turn 70½ in 2020 or years following, distributions will not be required until you are age 72.
When you contribute funds, you’ll be depositing money that is not presently deposited in any type of retirement account. The IRS imposes annual limits on how much you can contribute. You may want to contact a financial advisor or tax professional for further information.
When you rollover funds, you receive the funds through a distribution from your IRA. You then have 60 days from receipt of those funds to roll them into another IRA or qualified retirement plan to avoid tax consequences. IRA owners are limited to only one IRA-to-IRA rollover in any 12-month period. Rollovers are not counted toward your annual contribution limits. The above reflects general rollover rules. You may want to contact a financial advisor or tax professional for further information and information specific to your circumstances.
When you transfer an IRA, the funds are moved directly from one financial institution to another. The transfer check is made payable to your financial institution for your benefit. Because you don’t handle the funds directly, the transaction is not considered a distribution. There is no limit to the number of transfers you can make.
Annual Percentage Yield (APY). Advertised IRA Savings Account APY is accurate as of XX/XX/XXXX. Applies to personal accounts only. Fees could reduce earnings on the account. APY may change before or after the account is opened. No minimum deposit to open.adds up with our IRA Savings Account calculator.
This calculator and the values shown are intended for illustrative and informational purposes only and may not apply to your individual circumstances. This calculator uses an Annual Percentage Yield (APY) that is rounded to the nearest one-hundredth of one percentage point, e.g., .01%. However, actual interest earned calculations use an APY that is rounded to the nearest one-thousandth of one percentage point, e.g., .011%. As a result, the estimated interest earned value shown here may vary from the actual interest earned on your account. Calculation assumes principal and interest remain on deposit and interest rate and APY do not change.
“Creating a budget is important since most people have two income sources for retirement: Social Security and whatever they have saved. Projecting how much you’ll spend is critically important to know if you have enough money saved and if it will last long enough.”
– Derek Mazzarella, financial advisor