Individual Retirement Accounts
Invest in an individual retirement account (IRA) to build your savings and get tax benefits. An IRA is an easy way to save for retirement. You get to choose the certificate terms you want, your earnings can grow tax-deferred and withdrawals you take at retirement may be tax-free. Whether you’re Gen-Y or a Baby Boomer, getting set for retirement starts with our choice of easy-to-build IRA accounts.
A traditional IRA is a great way to build your retirement nest egg while enjoying tax benefits. This could be the right choice for you if you are under 70½ and have earned income.
With a Roth IRA, your contributions aren't tax-deductible— but your earnings grow tax-deferred and withdrawals can be made tax-free. Unlike a traditional IRA, you don’t have to make annual withdrawals at a certain age. A Roth IRA could be the right choice for you if you expect to be in a higher tax bracket in the future.
If you have assets in an old employer-sponsored retirement plan, it’s easy to move them into a Rollover IRA. You keep the tax benefits and get to choose how your money is invested. This could be the right choice for you if you've changed jobs or retired.
If you’re the beneficiary of an IRA, opening an inherited IRA will preserve the tax-deferred* status of the account. This could be the right choice for you if you don’t have an immediate need for the cash and you want to avoid taxes that would be due if you were to take the assets as a lump sum.
An Educational IRA makes it possible to set up an education account for a minor so that he or she can benefit from tax-free or tax-deferred growth. Educational IRAs require that an adult be named as custodian of the account until the minor reaches the age when he or she can take control of the assets.
*The tax information provided is for informational purposes only, and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.