Individual Retirement Accounts (IRA)
IRAs offer unique savings opportunities for retirement and education.
Traditional IRA
Choose a Traditional IRA if you want to put away money for your retirement but not pay taxes on your earnings until they are withdrawn
- Maximum annual contribution of $7,000 for 2024*
- For owners age 50 and older, your limits increase to $8,000 for 2024*
- Contributions may be tax-deductible*
- Income limits may apply*
Roth IRA
Choose a Roth IRA if you want to pay the taxes on your retirement income now instead of later.
- Maximum annual contribution $7,000 for 2024 *
- For owners age 50 and older, your limits increase to $8,000 for 2024*
- Regular contributions can be withdrawn tax-free and penalty-free at any time*
- Contributions are not tax-deductible*
- Income limits may apply*
*Your tax advisor can offer guidance on which type of IRA may be best for your needs as well as answer your questions regarding deductibility of contributions.
Coverdell Education Savings Account
Choose the Coverdell Education Savings Account if you want to save for education expenses for a child or grandchild.
- Maximum annual contribution of $2000 per child*
- Contributions are not tax-deductible*
- Withdrawals for certain qualified education expenses are tax-free*
- Qualified education expenses may include tuition, fees, books, computer equipment and technology required for elementary, secondary and post-secondary education*
- Income limits may apply*
*Your tax advisor can offer guidance as well as answer your questions regarding deductibility of contributions, withdrawal restrictions and income limits