IRAs

Save for retirement with tax-advantaged accounts designed for long-term growth.
 

It’s not too late to save for your retirement.

An Individual Retirement Account (IRA) is a type of savings account designed to help you save for retirement while offering valuable tax advantages. Whether your goal is to travel the world or spend more time with your grandkids, the retirement you want takes planning. Opening, moving, or rolling over your IRA is the first step.

Putting your nest egg where it will grow tax-free is a smart move, and with competitive interest rates, more of your savings can go toward funding your future. You may also be able to deduct your IRA contribution from your current taxable income.

A Traditional Individual Retirement Account (IRA) may provide significant immediate tax savings. Because taxes on earnings are deferred, the power of compound earnings is strengthened.

You can contribute to a Traditional IRA if you earn compensation and will not reach age 70½ by the end of the year. Earnings are not taxed until they are withdrawn. Deferring taxes and withdrawing funds when you may be in a lower tax bracket can mean more after-tax dollars for retirement.

You can invest up to:

  • $7,000 per year
  • $8,000 if you are age 50 or older

Penalty-free withdrawals are available once you reach age 59½. At age 70½, you must begin taking required minimum distributions (RMDs) each year and can no longer contribute to a Traditional IRA.

With a Traditional IRA

  • Earnings accumulate tax-deferred
  • Contributions may be tax-deductible if you qualify

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A Roth IRA offers a different type of tax advantage and can be a powerful way to save for the future.

Unlike Traditional IRAs, contributions to a Roth IRA are not tax deductible. However, the money in the account—including earnings—can be withdrawn tax-free when certain requirements are met.

You may open and contribute to a Roth IRA if you or your spouse receive taxable compensation during the tax year. There is no age limit for opening a Roth IRA, although income limits based on Modified Adjusted Gross Income (MAGI) may apply.

Contribution limits:

  • $7,000 per year if under age 50
  • $8,000 per year if age 50 or older

With a Roth IRA

  • Contributions allowed at any age
  • Eligible withdrawals are tax-free
  • Flexible withdrawal options available

Some restrictions apply.

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A Coverdell Education Savings Account (ESA) helps families save for a child’s educational expenses—from kindergarten through college.

This account allows savings to grow free from federal taxes, helping offset the rising cost of education.

Contributions are not tax deductible, but qualified withdrawals—including earnings—can be tax-free when used for eligible education expenses.

You can contribute up to $2,000 per child each year until the beneficiary reaches age 18.

Benefits of a Coverdell ESA

  • Can be used for qualified elementary and secondary education expenses, unlike many state 529 plans
  • Earnings grow tax-deferred
  • Distributions are tax-free when used for qualified education expenses

Eligible higher-education expenses include:

  • Tuition and fees
  • Books and supplies
  • Required equipment
  • Room and board (if enrolled at least half-time)

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