Traditional vs. Roth
We offer both traditional and Roth IRAs. Which is right for you? Compare them below and consult a tax advisor.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax**
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty***
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal**
- Principal contributions can be withdrawn without penalty**
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty***
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
**Subject to some minimal conditions. Consult a tax advisor.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.