IRA

Individual Retirement Account (IRAs)


Individual Retirement Accounts (IRAs) can offer you tax-advantaged solutions for life after work. Discover more today.

Rollover IRAs


A rollover IRA is designed to let you maintain your retirement savings momentum while allowing you to avoid taxes and penalties, and to keep your assets growing tax-deferred. It’s a great way to keep your money working hard for you.

Are you eligible for a rollover IRA?

If you’ve been participating in your former employer’s 401(k), 403(b), 457, pension, or other retirement plan and are eligible to take a lump sum distribution, you can roll your savings directly into a rollover IRA.

What are your choices?

Generally, you have four choices when faced with a lump-sum distribution. You can:

  • Take your retirement distribution in a check. If you take your money as a lump-sum distribution, it may be reduced substantially by taxes, leaving you with less to save or spend. If you are younger than age 59 1/2, your distribution may also be subject to an early withdrawal penalty imposed by the IRS.
  • Leave your retirement savings in your former employer’s plan.If you have $5,000 or more in your account, you can leave your retirement assets where they are - in your former employer’s plan. You should keep in mind that you are not permitted to make any additional contributions to your account, and access to plan features and investment choices is limited to those selected by your former employer.
  • Move your retirement savings to your new employer’s plan. If you are eligible to participate in a new employer’s plan, you may be able to transfer your assets and keep your money growing tax-deferred. Your investment choices will be limited to those offered by your new plan.
  • Transfer your retirement savings directly into a Rollover IRA. You can arrange to have your retirement savings rolled directly to an IRA to avoid having your distribution reduced by taxes or penalties. Rolling over to an IRA offers a number of advantages, including a broad range of investment options.Rollover by the recipient should occur within 60 days of distribution.


Choosing the right IRA can be tough. Your best bet? Talk to a financial representative to find out which kind of IRA is the best fit for your needs.


There is no additional tax deferral benefit for annuity contracts purchased in an IRA or other tax-qualified plan, since these are already afforded tax-deferred status. Thus, an annuity should only be purchased in an IRA or qualified plan if you value some other features of the annuity and are willing to incur any additional costs associated with the annuity to receive such benefits.

Roth IRAs


Unlike a traditional IRA, the Roth IRA gets the pain of paying taxes out of the way right up front. Contributions you make to a Roth IRA are not tax-deductible, but your withdrawals are generally taken tax-free.

Is a Roth IRA right for you?

If you anticipate being in a higher tax bracket when you’ll be taking withdrawals, a Roth IRA could be an excellent choice for you. In terms of accessing your money, a Roth IRA could be a more flexible choice, since you can typically withdraw your contributions at any time without paying penalties or taxes. However, you cannot withdraw any of the interest you’ve earned before age 59-1/2 or within 5 years of contributing to a Roth IRA without paying taxes.

If you have one or more Traditional IRAs, you may find transferring your assets ("converting" them) to a Roth IRA offers attractive benefits, including the opportunity to take advantage of tax-free growth for your savings. While you will owe current taxes on the amount you convert, you will be able to withdraw your money penalty- and tax-free in the future, under certain circumstances.

How much can you contribute to a Roth IRA?

A Roth IRA allows you to save up to $5,000 a year toward your retirement using after-tax money. And if you’re age 50 or older, your contribution limit jumps to $6,000 annually.

Are you eligible to contribute to a Roth IRA?

If you have earned income from employments and are within certain adjusted gross income limits, you can contribute to a Roth IRA. Click here to view the contribution limits. Married individuals filing separately cannot convert their assets, regardless of income level.

Choosing the right IRA can be tough. Your best bet? Talk to a financial professional to find out which kind of IRA is the best fit for your needs.

There is no additional tax deferral benefit for annuity contracts purchased in an IRA or other tax-qualified plan, since these are already afforded tax-deferred status. Thus, an annuity should only be purchased in an IRA or qualified plan if you value some other features of the annuity and are willing to incur any additional costs associated with the annuity to receive such benefits.

Traditional IRAs


Day by day, minute by minute, your retirement is growing ever closer. That can be great news. As long as you’re prepared. With a traditional IRA working for you, you’ll enjoy the growth potential and tax advantages to help bring the future you’ve always envisioned one step closer to reality.

Is a traditional IRA right for you?

A traditional IRA can be a smart way to provide for the future. Just note, your ability to deduct your contributions depends on two factors:

  • If neither the owner nor the owner’s spouse are covered by an employer retirement plan, contributions are 100% deductible at any income level.
  • If either the owner or the owner’s spouse are covered by an employer retirement plan, and the amount of your adjusted gross income exceeds certain limits, your contributions will not be deductible. Click here to view the contribution limits.


How much can you contribute to a traditional IRA?

A traditional IRA allows you to contribute up to $5,000 a year toward your retirement. And if you’re age 50 or older, your contribution limit jumps to $6,000 annually.

Are you eligible for a traditional IRA?

  • If you have earned income from employment and are under age 70½, you may contribute to a traditional IRA.
  • If you are married and filing a joint return, and your spouse’s taxable compensation is not enough to reach the maximum annual contribution for his/herself, you can contribute up to the maximum amount to an IRA (Traditional or Roth) for his/her behalf.


Choosing the right IRA can be tough. Your best bet? Talk to a financial professional to find out which kind of IRA is the best fit for your needs.

There is no additional tax deferral benefit for annuity contracts purchased in an IRA or other tax-qualified plan, since these are already afforded tax-deferred status. Thus, an annuity should only be purchased in an IRA or qualified plan if you value some other features of the annuity and are willing to incur any additional costs associated with the annuity to receive such benefits.

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