Skip to Content
Personal

Individual Retirement Accounts

You Should Know

  • $100 MINIMUM
    opening deposit
  • $100 MINIMUM
    additional deposit
  • INTEREST PENALTY
    for early withdrawal
  • $25 FEE
    for early closure

Accounts

Traditional IRA Spousal IRA Roth IRA Coverdell Education Savings Account
Description Helps individuals save for retirement. Traditional IRA for spouses who earn less than the other working spouse. Same as Traditional IRA, but paid with after-tax dollars. Helps families save for children's education expenses.
Maximum Annual Contributions $5,500 $5,500 $5,500 $2,000 annually per child until age 18, unless child has special needs.
Catch-up Contributions $1,000 $1,000 $1,000 N/A
Tax-Deferred Earnings Yes Yes Yes Yes
Tax-Deductable Contributions Available.
Talk with an advisor.
Available.
Talk with an advisor.
No No
Rollover or Transfer Yes, but not to a CESA. Yes, but not to a CESA. Yes Yes, but only to another CESA.
Distributions
  • Required minimum distributions at age 70.5.
  • 10% penalty tax for early distributions.
  • Distributions subject to tax.
  • Required minimum distributions at age 70.5.
  • 10% penalty tax for early distributions.
  • Distributions subject to tax.
  • No required minimum distributions.
  • 10% penalty tax for early distributions.
  • Distributions are tax free.
  • Distributions are tax free when used for education expenses.