Individual Retirement Accounts (IRAs)
Save Today, Enjoy Tomorrow
IRA Plans
Traditional IRA
Contributions are tax deferrable until funds are withdrawn and may be tax deductible.
Roth IRA
Earnings are tax free, subject to IRS guidelines for withdrawal. Your contributions are not tax deductible.
IRA Access Savings Account
Qualifying IRA contributions can be made at any time. Funds may be withdrawn, transferred, or rolled over at any time subject to IRS guidelines.
Fixed-Rate IRA CD
Pays same great rate for agreed-upon term, if either 6 months, or 1, 2, 3, 4 or 5 years.
Compare Traditional & Roth IRAs
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Traditional IRA
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Roth IRA
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|---|---|---|
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Annual Contribution
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Single – lesser of 100% of earned income or $7,000.00.
Married – $14,000.00 ($7,000.00 for each spouse). Contributions may be tax-deductible if certain eligibility requirements are met. IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2025, the catch up amount is $1,000.00. |
Single – lesser of 100% of earned income or $7,000.00.
Married – $14,000.00 ($7,000.00 for each spouse). Contributions may be tax-deductible if certain eligibility requirements are met. IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2025, the catch up amount is $1,000.00. |
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Withdrawals
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May be taxed as ordinary income |
Tax-free and IRS penalty-free; some restrictions apply
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Contribution Age Limit
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No age limit |
No age limit |
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Minimum Distribution Requirements
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Begin the year the IRA owner reaches age 73 |
Not required |
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Rollovers
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May convert to a Roth IRA; some restrictions apply. |
May roll over to another Roth IRA; some restrictions apply-
May roll over distributions from qualified retirement plans; some restrictions apply. |
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IRS Penalty-Free Withdrawals
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Penalty exceptions apply, including first-time home purchase and higher education. |
Penalty exceptions apply, including first-time home purchase and higher education. |
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Additional Highlights
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Tax deduction based on income levels if covered by employer’s retirement plan (or if spouse of plan participant). |
Participation is based on income levels. |
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Traditional IRA
|
|---|
|
Annual Contribution
Single – lesser of 100% of earned income or $7,000.00.
Married – $14,000.00 ($7,000.00 for each spouse). Contributions may be tax-deductible if certain eligibility requirements are met. IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2025, the catch up amount is $1,000.00. |
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Withdrawals
May be taxed as ordinary income |
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Contribution Age Limit
No age limit |
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Minimum Distribution Requirements
Begin the year the IRA owner reaches age 73 |
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Rollovers
May convert to a Roth IRA; some restrictions apply. May roll over distributions from qualified retirement plans; some restrictions apply. May roll over to another traditional IRA; some restrictions apply. |
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IRS Penalty-Free Withdrawals
Penalty exceptions apply, including first-time home purchase and higher education |
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Additional Highlights
Tax deduction based on income levels if covered by employer’s retirement plan (or if spouse of plan participant.) |
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Roth IRA
|
|---|
|
Annual Contribution
Single – lesser of 100% of earned income or $7,000.00.
Married – $14,000.00 ($7,000.00 for each spouse). Contributions may be tax-deductible if certain eligibility requirements are met. IRA Catch-up contributions will be allowed for individuals who are age 50 or over before the end of each tax year. For the tax year 2025, the catch up amount is $1,000.00. |
|
Withdrawals
Tax-free and IRS penalty-free; some restrictions apply.
|
|
Contribution Age Limit
No age limit |
|
Minimum Distribution Requirements
Not required |
|
Rollovers
May roll over to another Roth IRA; some restrictions apply. May roll over distributions from qualified retirement plans; some restrictions apply
|
|
IRS Penalty-Free Withdrawals
Penalty exceptions apply, including first-time home purchase and high education |
|
Additional Highlights
Participation is based on income levels |
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