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Traditional IRA*

Save for retirement in a tax-advantaged Traditional IRA. Depending on your circumstances, you may be able to deduct all or part of your IRA contribution from your income tax. Regardless, all earnings grow tax-deferred until withdrawn. (Early withdrawals of either principal or earnings are subject to a penalty.)

If you're under the age of 70 1/2 and have taxable compensation for the year, you are eligible to contribute to a Traditional IRA. For 2016 and 2017, you can generally contribute up to $5,500. If you're 50 or over, you can make a $1,000 "catch-up" contribution and increase that amount to $6,500. Your tax adviser can help you determine if your contribution is eligible for a tax deduction or credit.

Roth IRA*

Like a Traditional IRA, a Roth IRA gives you a tax-advantaged option for retirement savings. Though you fund a Roth with after-tax dollars, you can withdraw funds tax-free provided the account has been open for five years and you're age 59 1/2 (other circumstances such as a first-home purchase also qualify).

A Roth doesn't have the "under age 70 1/2 restriction of a Traditional IRA (see above), but there are income thresholds that may reduce the amount you can contribute. You need to have earned income equal to the amount of your contribution. To make the maximum contribution according to your age (outlined above in "Traditional IRA"), your modified adjusted gross income limit for 2017 is $133,000 for single filers and $196,000 for married filing jointly.

*Eligibility for products is subject to credit approval.

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