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Plan

Retirement accounts overview

What will your retirement be like? Whether you want to take luxury vacations or spend your golden years at home in your slippers, planning is a good idea. And it’s never too early (or too late) to figure out your finances.

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Which IRA is right for you?

We offer two common types of IRAs - Traditional and Roth. Each has its unique benefits and eligibility requirements. To find out which one is right for you, compare the following:

 

Traditional IRA

Roth IRA

Eligibility

You must be under 70 ½ years old

Available for all ages

Contribution limits

$5,500
$6,500  (if age 50 or older)

$5,500
$6,500  (if age 50 or older)

Contribution deadline

IRAs must be opened by April 15 the prior tax year, for previous tax year benefits.

IRAs must be opened by April 15 the prior tax year, for previous tax year benefits.

Income limit

Anyone is eligible to contribute, but not everyone will receive the tax benefit.

Up to $132,000 for Single filers. Up to $184,000 for Married (combined annual income).

Advantages

Earnings are tax-deferred until withdrawn. This may help you decrease your taxable income to a lower tax bracket.
No income restrictions.

Tax free withdrawals on the principal and all earnings.
No mandatory distribution age.
No minimum withdrawal requirement.

Annual charge

$10

$10

Current Rates

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Roth IRA vs. Traditional IRA calculator >

 

Have a question? Call (818) 238-2900

 

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