Traditional and 罗斯 ira

An Individual Retirement Account (爱尔兰共和军) is an account that allows you to save for retirement with tax-free growth or on a tax-deferred basis. There are three main types of ira — Traditional, 罗斯, and Rollover — each with different advantages.

• 在一个 Traditional 爱尔兰共和军, you make contributions with money you may be able to deduct on your tax return and any earnings can potentially grow tax-deferred until you withdraw them in retirement. Many retirees also find themselves in a lower tax bracket than they were in pre-retirement, so the tax-deferral means the money may be taxed at a lower rate.
• 与一个 罗斯爱尔兰共和军, you make contributions with money you've already paid taxes on (after-tax) and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.2
• A Rollover 爱尔兰共和军 is a Traditional 爱尔兰共和军 intended for money "rolled over" from a qualified retirement plan. Rollovers involve moving eligible assets from an employer-sponsored plan, such as a 401(k) or 403(b), 转入爱尔兰共和军账户.

Whether you choose a Traditional or 罗斯爱尔兰共和军, the tax benefits allow your savings to potentially grow, 或复合, more quickly than in a taxable account.

呼叫 to Open an 爱尔兰共和军 1-800-621-2105

元素 Financial offers both Traditional and 罗斯 ira to our members. Depending on your situation, one account type or the other may be right for you. There are different rules and benefits for each type of 爱尔兰共和军. 与一个 Traditional 爱尔兰共和军, you contribute pre- or after-tax money, growth is tax-deferred, and you are taxed for withdrawals as current income after you are age 59½. 与一个 罗斯爱尔兰共和军, you contribute after-tax dollars, so your money grows tax-free. 你 can also generally withdraw money without paying tax or penalty after age 59½.

In other words, some of the key differences are:

Traditional ira

• 储蓄 are taxed as income in retirement (tax-deferred earnings)
• 贡献s may be tax deductible
• No income limits for contributions

 罗斯 ira

• 贡献s are not tax deductible
• Receive tax-free income in retirement, as the contributions were taxed when put into savings
• There are limits on your contributions
• Withdrawals are considered qualified as long as the account has been open for at least five years, and you are either over age 59 1/2, 禁用, or buying your first home (other restrictions may apply)

呼叫 to Open an 爱尔兰共和军 1-800-621-2105 Compare to Other 储蓄 Options

你 can contribute up to $6,500 per tax year to an 爱尔兰共和军, or possibly $7,500 if you are over age 50. If your spouse is employed, he/she can also open an 爱尔兰共和军 and contribute up to $6,500 (or possibly $7,500 if over age 50) of earned income for the year. Or, you can open a spousal 爱尔兰共和军 on his/her behalf with the total contribution of $13,000 for the year, as long as a contribution to either of the accounts is no more than $6,500. For 50 and older, the contribution for both could total $15,000 for the year.

我们的 爱尔兰共和军 Eligibility Calculator will help you determine whether or not you are eligible to contribute to both the Traditional 爱尔兰共和军 and 罗斯爱尔兰共和军 and the maximum amount that may be contributed.

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呼叫 to Open an 爱尔兰共和军 1-800-621-2105

呼叫 1-800-621-2105 to start your Traditional or 罗斯爱尔兰共和军 application. An 元素 representative will help you determine the best option to fit your financial goals and will reach out within 2 business days to let you know if you’ve been approved.

We regret that ira cannot be opened online.

呼叫 to Open an 爱尔兰共和军 1-800-621-2105

Can I roll over my Health 储蓄 Account (HSA) 转入爱尔兰共和军账户?

No. HSA funds can only be rolled over into another HSA account, not an 爱尔兰共和军.

What happens to my Traditional 爱尔兰共和军 if I die?

你r beneficiaries will be notified, and funds will be distributed accordingly.