Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs) are personal savings vehicles that offer tax advantages as you plan for retirement. Learn the difference between traditional IRA accounts, Roth IRA accounts and Rollover IRA accounts to determine which one is best suited for your individual saving needs.

Traditional IRA Accounts

A traditional IRA is a tax advantaged savings vehicle available to any wage earner under age 70 ½.

Benefits

Contributions may be tax-deductible
Tax-deferred earnings help your savings grow – only pay taxes when you withdraw the funds
Withdraw funds without penalty prior to age 59½ for certain expenses (income taxes apply)

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Yearly maximum contribution	$5,500
Are withdrawals required?	When you turn 70.5
Do age limits apply?	Yes
Do catch-up contributions apply?	Yes

Roth IRA Accounts

A Roth IRA is a tax advantaged savings vehicle available to certain wage earners depending on income and tax filing status.

Benefits

Potentially tax free distribution of assets
Unrestricted access to your contributions at any time, without IRS penalty
No minimum required distributions at age 70½

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Yearly maximum contribution	$5,500
Are withdrawals required?	No
Do age limits apply?	No
Do catch-up contributions apply?	Yes

Rollover IRA Accounts

A rollover IRA provides the ability to maintain the tax deferred status of an employer retirement plan.

Benefits

Greater flexibility in choosing investments plus retirement savings continue growing tax-deferred
The ability to consolidate multiple employer plans into one resource
The ability to withdraw money from your IRA more easily than from an employer plan

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Yearly maximum contribution	Not applicable
Are withdrawals required?	When you turn 70.5
Do age limits apply?	No
Do catch-up contributions apply?	No

Trust products from KeyBank National Association.

KeyBank and its affiliated entities do not give tax or legal advice. The comments regarding the law and tax treatment in this material simply reflect current interpretations of such laws. Since laws are always subject to interpretation and possible changes, KeyBank and its affiliates strongly recommend that you seek the counsel of an attorney and/or other qualified tax advisor as to the specific legal and tax consequences of all planning concepts as they apply to the facts of your particular situation.

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More about IRAs

Helpful Calculators

Traditional IRA Accounts

Benefits

Roth IRA Accounts

Benefits

Rollover IRA Accounts

Benefits