An individual retirement account (IRA) is a personal savings plan that offers specific tax benefits while helping you achieve your retirement goals. IRAs are one of the most powerful retirement savings tools available to you. Even if you're contributing to a 401(k) or other plan at work, you should also consider investing in an IRA.
You should understand the differences between a Roth IRA and a Traditional IRA before choosing the type of IRA that's best for you. Roth IRA contributions are not deductible, but distributions (including earnings) can be tax free at retirement if certain circumstances exist.1
- Contributions can be withdrawn at any age without taxes or penalties
- Earnings you withdraw are tax-free after age 59 ½ as long as the account has been established for a minimum of five years
- Contributions can be made after age 70 ½ as long as you have earned income
- No required minimum distributions during your lifetime
- Beneficiaries may pay no income tax on proceeds
- Wide range of investment options available
- Contributions are made with after-tax dollars and they are not tax deductible
- Premature withdrawals in excess of contributions are fully taxable and are also subject to an early withdrawal penalty
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|Tax Considerations (See your tax advisor)||
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- Earnings you withdraw are tax-free after age 59 ½ and the account has been established for a minimum of five years.
- Limits apply for 2010 and are subject to change in the future.
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