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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 Regardless, all earnings grow tax-deferred until withdrawn.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 2021, you can generally contribute up to $6,000. If you're 50 or over, you can make a $1,000 "catch-up" contribution. Your tax advisor 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.

*Eligibility for products is subject to credit approval.

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