YOU SHOULD KNOW:

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

Traditional IRA

Helps individuals save for retirement.


Maximum Annual Contributions
$5,500
Catch-up Contributions
$1,000
Tax-Deferred Earnings
Yes
Tax-Deductible Contributions
Available. Talk with an advisor.
Rollover or Transfer
Yes, but not to a CESA.
Distributions
  • Required minimum distributions at age 70.5.
  • 10% penalty tax for early distributions.
  • Distributions subject to tax.

Spousal IRA

Traditional IRA for spouses who earn less than the other working spouse.


Maximum Annual Contributions
$5,500
Catch-up Contributions
$1,000
Tax-Deferred Earnings
Yes
Tax-Deductible Contributions
Available. Talk with an advisor.
Rollover or Transfer
Yes, but not to a CESA.
Distributions
  • Required minimum distributions at age 70.5.
  • 10% penalty tax for early distributions.
  • Distributions subject to tax.

Roth IRA

Same as Traditional IRA, but paid with after-tax dollars.


Maximum Annual Contributions
$5,500
Catch-up Contributions
$1,000
Tax-Deferred Earnings
Yes
Tax-Deductible Contributions
No
Rollover or Transfer
Yes
Distributions
  • No required minimum distributions.
  • 10% penalty tax for early distributions.
  • Distributions are tax free.

CESA

Helps families save for children's education expenses.


Maximum Annual Contributions
$2,000 annually per child until age 18, unless child has special needs.
Catch-up Contributions
N/A
Tax-Deferred Earnings
Yes
Tax-Deductible Contributions
No
Rollover or Transfer
Yes, but only to another CESA
Distributions
  • Distributions are tax free when used for education expenses.