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Individual Retirement Account (IRA)

When it comes to retirement, it's never too little and never too late.

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Traditional IRA

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Contributions are tax-deferred. If you expect your tax rate during retirement to be lower than it is today or if you want to reduce taxable income now, this option may be a better fit for you.

Account Summary

  • Contribute up to $5,500 of earned income per year, or $6,500 if you're 50 and over, until you are 70½ years old1
  • Contributions may be tax-deductible if you meet certain conditions1
  • Withdraw funds without penalty beginning at age 59½. Withdraw before 59½ at 10 percent penalty (plus possible bank fees), with certain exceptions2
  • Distributions must begin by April 1st of the year following the year you reach age 70½
  • Anyone under 70½ who has earned income is eligible
  • Traditional IRAs can generally be converted to Roth IRAs, although tax consequences may apply1
View Deposit Agreement
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Roth IRA

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Contributions are made after you are taxed, so you won't pay taxes when making qualified distributions. If you expect to have a higher tax rate at retirement, this option may be a better fit for you.

Account Summary

  • Contribute up to $5,500 of earned income per year, or $6,500 of you're 50 and over1
  • Contributions are not tax-deductible1
  • Funds can be withdrawn without penalty once you reach the age of 59½, or before that subject to a 10 percent penalty unless exceptions apply2
  • No requirement to take a minimum distribution at age 70½
  • Anyone with earned income is eligible
  • Roth IRAs cannot be converted to Traditional IRAs1
View Deposit Agreement

IRA Calculator

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1 Certain qualifications apply. Consult your tax advisor for more information.

2  Exceptions allowing for non-penalty early withdrawals include disability, qualifying medical expenses (under certain conditions), qualifying education expenses, unemployment (under certain conditions), qualifying first home purchase, and death.