You can't stop time. But you can use it to your advantage.

 

It's never too early to start thinking about retirement — you'll need money to allow you to live comfortably. By starting to save early, and by choosing an IRA that offers tax advantages, you'll be able to build up your bankroll and take on any lifestyle you choose.

SubPage Categories

Traditional IRA

No delayed gratification here. There's a good chance you'll enjoy present-day tax breaks as you save money for tomorrow.

  • Investments are in rock-solid IRA Certificate Accounts
  • Enjoy potential annual tax deductions
  • Earnings grow tax-deferred
Roth IRAs

Sometimes, it pays to play the long game. The big tax breaks come down the line, when you go to withdraw your funds.

  • Guaranteed returns from IRA Certificate Accounts
  • No taxes on withdrawals
  • Use money for other special circumstances
Account Who can contribute? How much can I contribute? Who can make deductible contributions? What are the tax advantages? When can I withdraw without restrictions?
Traditional IRA
  • Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation)
  • Anyone who has received a distribution from a qualified retirement plan and decides to roll over the proceeds of the plan into an IRA
  • Up to $6,500 for 2023 and $7,000 for 2024
     

For owners age 50 and older, you have higher limits:

  • $7,000 for 2023 and $8,000 for 2024
     

Restrictions:

  • Cannot exceed compensation
  • Reduces contributions that can be made to Roth IRAs

Fully-deductible contributions:

  • Single individuals not active in employer retirement plans
  • Single individuals active in employer retirement plans with MAGI1 of $83,000 or less for 2023 and $87,000 or less for 2024
  • Married couples with neither spouse active in an employer retirement plan
  • Married individuals active in employer retirement plans with joint tax returns showing MAGI of $136,000 or less for 2023 and $143,000 or less for 2024
  • Married individuals not active in employer retirement plans with spouses who are, as long as MAGI2 is $228,000 or less for 2023 and $240,000 or less for 2024
  • Earnings grow tax-deferred until withdrawn
  • Contributions may be tax-deductible
  • 2023 and 2024: Required to start withdrawals at age 73

Withdraw penalty-free for any of the following reasons:

  • Qualified higher-education expenses
  • First-time home purchase2
  • Age 59½
  • Disability
  • Qualifying medical expenses exceeding 7.5% of adjusted gross income
  • Payment to beneficiaries upon the owner’s death
  • Payment of health insurance premiums while unemployed for 12 weeks or longer
Roth IRA

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI: 

  • Up to $153,000 (single filers for 2023)
  • Up to $161,000 (single filers for 2024)
  • Up to $228,000 (joint filers in 2023)
  • Up to $240,000 (joint filers in 2024)
     

Reduced contributions allowed for higher incomes.

Persons who are married and filing separately with incomes:

  • Up to $10,000
  • Up to $6,500 for 2023 and $7,000 for 2024

     

For owners age 50 and older, you have higher limits:

  • $7,000 for 2023 and $8,000 for 2024

     

Restrictions:

  • Cannot exceed compensation
  • Reduces contributions that can be made to traditional IRAs

No one can deduct contributions

  • Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (age 59½, disability, death, or a first-time home purchase)
  • Not required to start withdrawals at any age
  • Regular contributions can be withdrawn tax-free and penalty-free at any time
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death, or a first-time home

Member Testimonial

"Easiest car buying experience ever. A very satisfied customer!"

- Keisha C.

Enjoy the double benefits of growing your money at a higher rate while accessing funds anytime.

Achieve More

Enjoy the double benefits of growing your money at a higher rate while accessing funds anytime.

Achieve More

Questions?

We have an abundance of answers and we’re always happy to dispense them freely.

Contact Us