Compare IRA Plans

IRA Plans

Find the best IRA plan with the right features for your retirement. Before you decide on the plan for you, it's always best to consult with your tax professional. The IRA comparison information we're providing is not tax advice. Open an Account or Schedule an in store appointment. Compare IRA Products.

 

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Roth IRA

Traditional IRA

Choose For

 

  • Tax-free growth and withdrawals (contributions are not tax deductible)
  • Tax-deferred growth until you withdraw it in retirement (contributions may be tax deductible in the year they are made)
Contribution Eligibility
  • Any age with taxable compensation
  • Anyone under age 70½ with taxable compensation
Deductible Contributions
  • No one can deduct contributions.
Deductible up to annual contribution limit:
  • Single individuals not active in employer retirement plans
  • Single individuals active in qualified retirement plans with Modified Adjusted Gross Income (consult your tax advisor) below defined limits
  • Married couples with neither spouse active in an employer retirement plan
  • Married individuals active in qualified retirement plans filing joint tax returns with Modified Adjusted Gross Income (consult your tax advisor) below defined limits
  • Married individuals not active in qualified retirement plans filing joint tax returns with spouses who are, as long as Modified Adjusted Gross Income (consult your tax advisor) is below defined limits
Maximum Contribution Limits

Contribution Limits for 2016:

  • $5,500 if under age 50
  • $6,500 if age 50 or older

These contribution limits apply to Single filers with income of less than $116,000 or less Joint filers with income of less than $183,000.

As income levels increase above these limits, tax deductions for eligible contributions may be reduced. Consult with your tax professional.

Contribution Limits for 2016:

  • $5,500 if under age 50
  • $6,500 if age 50 or older

Income levels do not affect contribution limits for Traditional IRAs; however, your income may affect the amount you can deduct.

Tax Advantages
  • Earnings are tax-deferred and withdrawals are tax-free if the account is open for five tax years and withdrawals are for a qualified reason (age 59½, disability, death, or a first-time home purchase)
  • Not required to start withdrawals at age 70½
  • Earnings grow tax-deferred until withdrawn
  • Contributions may be tax-deductible
Tax Deductions
  • Tax-free when a distribution is taken 
  •  Pay no tax until you take distributions
Distributions
  • Distribution of an original contribution is always tax and penalty free
  • Any earnings and conversion dollars (from other retirement plans) are tax free after the IRS' 5 year aging requirement has been met AND you are 59½ or older. Otherwise, you could incur a 10% penalty.
  • Taxable
  • Could include a 10% penalty if made before age 59½
Required Minimum Distributions
  • Not required
  • Mandatory at age 70½
Withdrawals Without Restrictions
  • Regular contributions can be withdrawn tax-free and penalty-free at any time
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death, or a first-time home purchase
Withdraw penalty-free for any of the following reasons:
  • Qualified higher-education expenses
  • First-time home purchase (lifetime limit for exemption on first-time home purchase is $10,000)
  • Age 59½
  • Disability
  • Qualifying medical expenses exceeding 7.5% of adjusted gross income
  • Payment to beneficiaries upon the owner's death
  • Payment of health insurance premiums while unemployed for 12 weeks or longer
Annual Deadline for Contributions
  • The deadline for filing your annual tax return
  • The employer's deadline for filing its annual tax return, including any extensions