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An Individual Retirement Account (IRA) is a tax-advantaged account you can use to save for retirement outside of an employer-sponsored plan.
The tax benefit of a Roth IRA is that withdrawals you make in retirement are not taxed. It may be best for you if you expect to be in a higher tax bracket when you retire.1
For an IRA that offers you possible tax advantages now, consider a Traditional IRA.1
How it works
- Make after-tax contributions up to $6,500 ($7,500 if you're over age 50).
- Watch your savings grow tax-free.
- Withdrawals can be made IRS penalty- and tax-free after five years and age 59½.
- Make contributions until any age, as long as you have earned income.
How to qualify
- You're 18 or older with earned income can make contributions.
- If your adjusted gross income is less than $138,000 if single, or $218,000 if married filing jointly, you can contribute up to $6,500.
- If your adjusted gross income is between $138,000 – $153,000 if single, or $218,000 – $228,000 if married filing jointly, you can contribute a reduced amount.
- If your adjusted gross income is more than $153,000 if single, or $228,000 if married filing jointly, consider a Traditional IRA.
OPEN AN ACCOUNT
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- This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.