Make saving for retirement easy with an IRA

IRAs come with questions. We’re here with answers.

• What is an IRA?
  An IRA (individual retirement account) is a personal investment account the government created to help you save for retirement.
• Do I want a traditional or Roth IRA?
  The difference mainly comes down to how and when you’re taxed. A Roth IRA might be a good choice if you expect your future tax rate to be higher. This is especially true when you're early in your career and anticipate earning more in the future. Paying taxes on your Roth contributions now can help you avoid a larger tax bill during retirement.
  
  On the other hand, if you think your future taxes will be lower, a traditional IRA might be better. You also have an upfront tax deduction, which if you’re eligible, means more money to invest now.
• What’s a Roth conversion?
  There are income limits to restrict high earners from contributing to a Roth IRA. However, you can use a "back door" conversion to move your money into a Roth IRA. We can help you make this Roth conversion to take advantage of tax-free growth.
• What does it cost?

  For just $5 a month or 0.25% annually, you get all the benefits of our automated technology: hands-off investing, expert-built portfolios, and guidance to help you grow your retirement.

  

• What’s a SEP IRA?
  A SEP IRA is a type of retirement plan for those who are self-employed or who are small business owners.
• Am I eligible for an IRA?

  There is no minimum age requirement to open either a traditional or Roth IRA, but you must have earned income.

  There are no income limits for a traditional IRA. However, when considering a Roth IRA, your income plays a role in determining your contribution eligibility.

  In 2024, single tax filers aiming to contribute to a Roth IRA must have a modified adjusted gross income below $146,000.

  If married and filing jointly, your joint modified adjusted gross income must be under $230,000 in 2024.

• What's the contribution limit for an IRA?

  In 2024, the annual contribution limit for both Roth and traditional IRAs is $7,500 for those under 50, and $8,600 for those 50 and above.

  You can still contribute to your 2023 traditional and Roth IRA up to $7,000 a year if you're under 50, or $8,000 if you're 50 or older until April 15, 2024.