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Traditional IRA | Roth IRA | Coverdell Education Savings Account | |
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Description | Helps individuals save for retirement. | Same as Traditional IRA, but paid with after-tax dollars. | Helps families save for children's education expenses. |
Maximum Annual Contributions | $7,000 | $7,000 | $2,000 annually per child until age 18, unless child has special needs. |
Catch-up Contributions (Ages 50+) | $1,000 | $1,000 | N/A |
Tax-Deferred Earnings | Yes | Yes | Yes |
Tax-Deductable Contributions | Available. Talk with an advisor. |
No | No |
Rollover or Transfer | Yes, but not to a CESA. | Yes | Yes, but only to another CESA. |
Distributions |
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