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Compare IRAs (Individual Retirement Accounts)

Advantages Eligibility Maximum Contribution Withdrawal Requirements
Traditional
Available in:
  • Deposit IRA
  • Investment IRA
  • Contribute before taxes.
  • Contributions may be tax-deductible.
  • Earnings grow tax-deferred until withdrawn in retirement.
Workers or non-working spouses of workers under the age of 70½.

For tax year 2009:

  • $5,000
  • Additional $1,000 catch-up contribution for age 50 and above. 
Must begin at age 70½. Penalty-free withdrawals may begin at age 59½ (or earlier for certain qualified distributions).

Roth
Available in:

  • Deposit IRA
  • Investment IRA
  • Contribute after taxes.
  • Earnings grow tax-deferred.
  • No minimum required distributions.
  • May be withdrawn tax-free if the Roth IRA is at least 5 years old and you're at least 59½.
Workers or non-working spouses of any age.

For  tax year 2009:

  • $5,000
  • Additional $1,000 catch-up contribution for age 50 and above
No minimum withdrawal requirements. Penalty-free withdrawals may begin at age 59½ if the Roth IRA is at least 5 years old (or earlier for certain qualified distributions).

Educational
Available in:

  • Investment IRA only
  • Contribute after taxes.
  • Earnings grow tax-deferred.
  • May be withdrawn tax-free if funds are used for qualified primary, secondary and higher education expenses.
Children younger than 18.

For tax year 2009:

  • $2,000 per year per child.

 

Funds must be used by the time the child reaches age 30. Assets of this account may be transferred to the assets of a sibling's Educational IRA.

Rollover
Available in:

  • Deposit IRA
  • Investment IRA
  • Professionally Managed IRA
  • Protects the tax-deferred status of a lump-sum distribution from an employer-sponsored retirement plan, profit sharing plan or another IRA.
Individuals receiving a retirement plan distribution or have an existing IRA. No limit. Must begin at age 70½. Penalty-free withdrawals may begin at age 59½ (or earlier for certain medical, educational, and home purchases).
Regarding Investment and Professionally Managed IRAs: Securities are offered and sold by Bankoh Investment Services, Inc., are not FDIC insured, may lose value, and have no bank guarantee.