Invest in your financial future.

Roth IRA

Traditional IRA

Who can contribute?

Individuals, and/or spouses if they file jointly at any age, whose adjusted gross income for 2021 is below $140,000 (single) or $208,000 (joint) and report earned income.

Individuals, and/or spouses if they file jointly and report earned income.

How much can you contribute?

Up to $6,000 or 100% of earned income, whichever is less.

If you are 50 or older, you can make an additional contribution of $1,000 for a total of $7,000.

Allowed contributions begin to phase out at $140,000 (single) or $208,000 (joint) for 2021.

Up to $6,000 or 100% of earned income, whichever is less.

If you are 50 or older, you can make an additional contribution of $1,000 for a total of $7,000.

Total combined contribution to a Traditional and Roth IRA cannot exceed $6000 (or $7,000 if age 50 or older)

Tax advantages

Possible tax-free growth investment.

No tax deduction is available as contributions are made with after-tax dollars.

Tax-deferred growth and possible tax deduction for your contribution. 

Consult your tax advisor.

When can I access my funds?

You may withdraw your contributions at any time without penalty as long as the account has been opened for five years.

You can begin to withdraw earnings at age 59 ½.

Any withdrawals made on earnings prior to age 59 ½ are subject to income taxes as well as a 10% penalty.

You can begin withdrawals at age 59 ½. These withdrawals will be taxed as regular income.

Any withdrawals prior to age 59 ½ are subject to income taxes as well as a 10% penalty.

When must I start taking distributions?

At this time, there are no distribution requirements on a Roth IRA.

Distributions must begin by age 72. This is known as required minimum distribution.