Individual Retirement Accounts

Traditional IRA: (you avoid taxes when you put money into your retirement account)

  • Contributions may be tax deductible
  • Pre-tax contributions and any earnings are taxable when withdrawn
  • Funds can be withdrawn after age 59½, some exceptions qualify
  • Minimum required distributions start at age 70½

Roth IRA: (you avoid taxes when you take money out of your retirement account)

  • Contributions are not tax deductible
  • Funds (not earnings) can be withdrawn tax-free any time with certain requirements
  • No minimum required distributions during your lifetime, if original owner

IRA Investment Options:

  • Passbook IRA - the ability to make smaller, unlimited contributions
  • Certificate of Deposit IRA - the ability to make larger contributions and earn a higher interest rate

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Always consult your tax advisor to verify tax or accounting issues or visit for specific details.