Banner Wealth and Investment Services | Individual Retirement Plans
Retirement options for your future.
Traditional IRA
A traditional individual retirement account (IRA) is a tax-deferred savings account established by an individual person and held by custodians, such as banks or brokerages. Any earnings compound tax-deferred and you pay tax on withdrawals in retirement. Annual contribution limits apply and may be tax deductible if the individual falls within income guidelines.
Roth IRA
With a Roth IRA, contributions are funded with after-tax money, so they are not tax deductible. However, qualified withdrawals are tax-free. There is no age limit to make contributions and Roth IRAs can be used in conjunction with any retirement plan. Roth IRAs are typically recommended for younger individuals who are at a lower tax bracket now vs. when funds are expected to be withdrawn and taxes are paid. Income limits apply for both single and joint account holders.
401(k)
A 401(k) is a tax-deferred retirement savings account offered by employers to their employees. Employees contribute money to their account on a pre-tax basis and employers can choose to match a percentage of that contribution. Employees have the freedom to choose investments that meet their unique tolerance for risk and time horizon, whether it’s conservative, moderate or aggressive. Typically, salary deferrals are withheld each pay period and annual contribution limits apply.
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Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 1/2 may result in a 10% IRS penalty tax in addition to the current income tax.
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 1/2 or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
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