Saving for Retirement is as Easy as I-R-A
A Traditional IRA allows you to make qualified annual contributions tax-free, meaning you’ll pay no taxes on your savings until you withdraw them.
|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|Tax Advantages||Contributions may be deductible; earnings aren’t taxed until withdrawn or the account owner is age 59 ½, or is disabled, dead, or withdrawing up to $10,000 for a first-time home purchase||Qualified withdrawals are tax-free after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: $6,000 Age 50 or over: $7,000 Limits are for 2020; contributions cannot exceed earned income for the year||Under age 50: $6,000 Age 50 or over: $7,000 Limits are for 2020; contributions cannot exceed earned income for the year|
|Required Distributions||Must begin at age 70 1/2||__|
|Rollovers||Funds from a qualified retirement plan can be rolled over||Funds from a qualified retirement plan can be rolled over|
Which IRA is Right for You?
Visit a PlainsCapital branch near you to discuss which IRA is right for you, or view our comparison chart for more information.
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