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Individual Retirement Accounts

Invest now in your future self. The sooner you start saving, the longer you money has a chance to grow.

  • Tax-advantaged* retirement savings options
  • No setup fees, or monthly annual maintenance fees
  • $2,000 minimum deposit to open

Traditional vs. Roth

Traditional and Roth IRAs each offer distinct tax advantages* to accelerate your savings on the road to retirement. Compare both IRAs below and consult a tax advisor to decide which coincides with your retirement plans.

Older Couple Hugging

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Required minimum distributions (RMDs) must be taken each year beginning with the year you turn age 72 (70 ½ if you turn 70 ½ in 2019).

Smiling family on a couch

Roth IRA

  • Income limits to be eligible to open Roth IRA
  • Contributions are NOT tax deductible
  • Earnings are 100% tax FREE at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

For more information about opening an IRA, call us at 918.664.6100.

Disclosures

*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.

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