Personal Solutions: Traditional Individual Retirement Accounts

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What is an Individual Retirement Account (IRA)?
An Individual Retirement Account (IRA) is a personal tax-sheltered retirement savings program. Individuals with earned income are allowed to make contributions to an IRA for retirement income later.

Healthcare Savings Account
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Traditional IRA
Take advantage of tax-deferred earnings and possible yearly deductions.*

You may be interested in a Traditional IRA if:

You are a taxpayer under the age of 70½ with earned income, or you are a non-working spouse.
Deductible contributions are more important to you than tax-exempt distributions.
You would like to supplement your retirement savings in addition to your employer's retirement plan.*
You do not have another IRA or you want to split contributions between a Traditional IRA and a Roth IRA.

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Roth IRA
Take advantage of potential tax-exempt treatment* of withdrawals.

You may be interested in a Roth IRA if:

You have earned income and you want to continue to make contributions after age 70½ while working.
You don't want to take mandatory withdrawals after age 70½.
You prefer to have tax-exempt funds available at retirement.
You do not have another IRA or you want to split contributions between a Traditional IRA and a Roth IRA (the combined maximum allowed for the Traditional IRA and a Roth IRA is limited to $4,000 per year, or $5,000 for age 50 and over).
Income limitation may apply.*

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Spousal Individual Retirement Account (Spousal IRA)
Saving for the future is often hard—especially when only one spouse is working. The non-employed spouse doesn’t have the same built-in retirement savings opportunities the working spouse has. That’s when a Spousal IRA makes sense. It’s an account in the non-working spouse’s name, and couples may contribute up to the maximum allowable for a regular IRA.

You may be interested in a Spousal IRA if:

You are a working, married taxpayer.
Your spouse earns less than the maximum allowable annual IRA contribution in yearly wages.

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Conduit Individual Retirement Account (Rollover)
When you retire or leave your current employer, you have to decide what makes sense for your retirement plan account. Your decision is important because it has an effect on your financial well being today and in the future. A Conduit IRA allows you to move your retirement plan funds into an IRA, while maintaining many tax benefits.

Benefits:

Freedom to choose where to rollover your IRA.
Avoid 20% tax withholding on cash distributions.
Avoid penalties for early withdrawal.
Maintain tax-deferred status.

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Coverdell Education Savings Account (CESA)
Take advantage of potential tax-exempt withdrawals* used for education expenses.

You may be interested in a Coverdell Education Savings Account if:

You want to help pay for a child's education, and you want earnings to grow tax-exempt.
You can make contributions to a CESA up to $2,000 each year per student.
You, your employer, a non-profit corporation and even the student can make contributions to a designated student's CESA.**
Income limitations may apply.*

Contributions to a CESA

Nondeductible contributions may be made to each child's account annually.
Contribution deadline is the same as the contributor's tax filing deadline, not including extensions. The designated student must be 18 years of age or younger (unless the student is a special needs beneficiary).

Withdrawals and penalties

CESA withdrawals used to pay for qualified education expenses, are generally tax-free* and not subject to a 10% federal additional tax for early withdrawal. Bank penalties may apply for withdrawals from time deposits before maturity.
Funds in a CESA must be distributed to the designated student by the time the student reaches age 30, or funds rolled over to another eligible family member's CESA.

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* Consult your tax advisor.
** Subject to annual limitations