Individual Retirement Accounts (IRA) | WaterStone Bank

We can help you pick the IRA that suits you

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IRA Plans

Traditional IRA

Contributions are tax deferrable until funds are withdrawn and may be tax deductible. Compare to Roth.

IRA Roth

Earnings are tax free, subject to IRS guidelines for withdrawal. Your contributions are not tax deductible. Compare to Traditional IRA

Fixed Rate IRA CD

Will pay same great rate for agreed upon term if either 6 months, 1, 2, 3, 4, or 5 years.

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 Funds may be withdrawn, transferred, or rolled over at any time subject to IRS guidelines.

 

Traditional vs. Roth IRA

Description Traditional IRA Roth IRA
Annual Contribution Single - lesser of 100% of earned income or $6,000.00.
Married - $12,000.00 ($6,000.00 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 2022, the catch up amount is $1,000.00.
Single - lesser of 100% of earned income or $6,000.00.
Married - $12,000.00 ($6,000.00 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 2022, the catch up amount is $1,000.00.
Withdrawals May be taxed as ordinary income. Tax-free and IRS penalty-free; some restrictions apply.
Contribution Age Limit No age limit. No age limit.
Minimum distribution requirements Begin the year the IRA Owner reaches age 72. No required distributions prior to death.
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.
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 Yes, penalty exceptions apply, including first-time home purchase and higher education. Yes, penalty exceptions apply, including first-time home purchase and higher education.
Additional Highlights 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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