Retirement Solutions

Traditional IRAs*

Traditional IRAs
  • Contributions to a Traditional IRA may be tax-deductible, up to 100%, but distributions are generally taxable.
  • Earnings grow tax deferred.
  • Distributions are required to be taken by Traditional IRA holders beginning at age 70 ½.
  • Distributions are generally taxable, but are penalty-free if withdrawn under one of the following circumstances:
    • Attaining age 59 ½;
    • Incurring a disability;
    • Payment for certain health insurance, medical expenses, and higher education expenses;
    • Payment for first-time homebuyer expenses;
    • Death (payments to beneficiaries); or
    • Being a qualified military reservist.

Roth IRAs*

Roth IRAs
  • Contributions to a Roth IRA are not deductible.
  • Earnings can grow tax free.
  • Contributions can generally be distributed tax free at any time.
  • Distributions are not required by Roth IRA holders, though beneficiaries may be subject to required distributions.
  • Earnings can be distributed tax free if the Roth IRA holder first made a Roth IRA contributions at least five years ago, and one of the following events occurs:
    • Attaining age 59 ½;
    • Incurring a disability;
    • Payment for first-time homebuyer expenses; or
    • Death (payments to beneficiaries).