Individual Retirement Accounts
Retirement savings accounts with special tax advantages
Enjoy more in retirement
Affidian offers two types of individual retirement accounts, a Traditional IRA and a Roth IRA. These tax-advantaged savings accounts allow you to save for retirement with special tax advantages.* Depending on which account you choose, you may be eligible for tax relief today or at the time of retirement. Learn more about the differences below.
Why Choose Affidian
Tax Advantages
Competitive Dividends
No Setup or Maintenance Fees
Features & Benefits
- Tax-advantaged retirement savings*
- Earn competitive dividends above standard savings rates on balances over $100
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $6,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase share certificates within IRA
- $100 minimum deposit to open
Traditional VS. Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
Traditional IRA
- No income limits to open
- No minimum contribution requirement
- Contribution limits apply*
- Contributions are tax-deductible on state and federal income tax**
- Earnings are tax-deferred until withdrawal (when usually in a lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals are subject to a penalty**
- Mandatory withdrawals at age 72
Roth IRA
- Contribution limits apply*
- Income limits to be eligible to open a Roth IRA*
- Contributions are NOT tax-deductible
- Earnings are 100% tax-free at withdrawal**
- Principal contributions can be withdrawn without penalty**
- Withdrawals on dividends can begin at age 59 ½
- Early withdrawals on dividends subject to a penalty***
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
Resources
*Refer to the IRS website for current limits.
**Subject to some minimal conditions. Consult a tax advisor.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.
Individual Retirement Accounts
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individual retirement accounts (IRAS)
Start saving for retirement
You deserve a great retirement. Allow us to help you get there with higher rates than traditional savings.