Understanding IRAs

 

What is an IRA?

An Individual Retirement Account (IRA) is a personal savings account designed to help you save for retirement. You open and manage it on your own—it’s not tied to any employer’s plan.

IRAs offer tax benefits that can help your money grow over time. Depending on the type of IRA you choose, you may:

      • Pay taxes later when you take money out, or
      • Take money out tax‑free if certain rules are met

Key Features & Benefits

An IRA can help support your long-term financial security by giving you more control over how and where you save for retirement.

With an IRA, you can:

      • Save for retirement independently of your employer—either instead of or alongside your current employer-sponsored plan.
      • Choose from a range of savings and investment options.
      • Keep your account when you change jobs.
      • Let your savings grow over time as earnings build on earnings.
      • Potentially lower your taxes, depending on IRS rules.

Unlike employer-sponsored plans, an IRA puts you in control of when, how, and where you save for retirement.

IRA Options

Traditional IRA*

A Traditional IRA allows eligible individuals to make contributions that may be tax-deductible, enabling investments to grow on a tax-deferred basis, with withdrawals taxed as ordinary income when taken in retirement, subject to applicable rules and requirements.

Roth IRA*

A Roth IRA allows eligible customers to make contributions with after-tax dollars, with the potential for tax-free growth of investments and tax-free withdrawals, provided certain requirements are met to enjoy tax-free income at retirement.

Learn More About IRA Options

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You can't avoid paying taxes, but choosing to save for retirement through a traditional IRA or a Roth IRA gives you the ability to build your retirement savings on a tax-advantaged basis. IRAs offer two ways to potentially grow your retirement savings based on when you pay taxes.

*If you're rolling over retirement assets or want to take advantage of both tax-deferred growth and potential tax-free income, you'll have the option to combine Traditional and Roth IRAs during the process.

Before rolling over funds from plans with other providers, you should review the accounts you have with them to determine the fees and expenses you currently pay and whether there are any surrender charges that may result and to ensure that it is in your best interest to roll over your other accounts to a Rollover IRA.

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