What are the differences between a Traditional IRA and a Roth IRA?

Individual Retirement Arrangements (IRAs) are personal savings plans that give you tax advantages for setting aside money for retirement. IRAs can be an individual retirement account or an annuity, which can be either a fixed or variable annuity. It must be set up in the United States in your name and for the exclusive benefit of you or your beneficiaries.

Following is a chart of the primary differences between Traditional IRAs and Roth IRAs Roth IRA Traditional IRA Eligibility Investors with compensation meeting income limits OR Non-income earning spouses who file a joint return with a working spouse who meets the income limits Investors under age 70 1/2 with compensation OR Non-income earning spouses who file a joint return with a working spouse Annual Contribution Limits See IRA Contribution Information (then use your "Back" button to come back here) Federal Taxes • Contributions are not tax deductible • Contributions and earnings are free from federal tax upon withdrawal under ... more.

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