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IRAs

Saving for Retirement Is as Easy as I-R-A

It’s never too early – or too late – to start saving for retirement with a tax-advantaged account from PlainsCapital Bank. Our certificate of deposit IRAs offer tax benefits and attractive rates in fixed-term, FDIC-insured accounts. And it only takes $100 to start turning your future dreams into reality.


Traditional IRAs
 

With a Traditional Individual Retirement Account, your annual contributions may be tax-deductible – you’ll pay no taxes on your earnings until you withdraw them.


Roth IRAs
 

With a Roth IRA, contributions are not tax-deductible, but qualified withdrawals – including earnings – are tax-free.

Changing Employers? Don’t Cash Out, Roll it Over.

If you leave your job or retire, you don’t have to cash out your qualified retirement plan. You can keep the tax-deferred status of your funds by rolling them directly into a Traditional or Roth IRA.


Which IRA Is Right for You?

Our comparison chart can help you choose which IRA can best help you save for retirement.


View Rates

 

Traditional IRAs

Roth IRAs

Who Can Contribute

Anyone with earned income, until the year you reach 70 1/2

Anyone with earned income and whose Modified Adjusted Gross Income is within IRS limits

Tax Advantages

Contributions may be deductible; earnings aren't taxed until withdrawn

Qualified withdrawals are tax-free after the account has been open for five tax years and the account owner is age 59 1/2 (or is disabled, dead, or withdrawing up to $10,000 for a first-time home purchase*)

Contribution Deductibility

May be tax-deductible depending on your income and whether you're covered by an employer's retirement plan 

Are not tax-deductible 

Contribution Maximums

Under age 50: $5,000

Age 50 or over: $6,000

Limits are for 2008 and 2009; contributions cannot exceed earned income for the year 

Under age 50: $5,000

Age 50 or over: $6,000

Limits are for 2008 and 2009; contributions cannot exceed earned income for the year

Required Distributions

Must begin at age 70 1/2 

None 

Rollovers

Funds from a qualified retirement plan can be rolled over

Funds from a qualified retirement plan can be rolled over