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Home / Personal / IRAs / Compare IRAs

Compare IRAs

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Use the chart below to compare different types of accounts and determine which best meets your needs.

  Traditional
IRAs
 
Roth
IRAs
 
Rollover
IRAs
 
Eligibility  
Age Under 70½ - earned income None – earned income People who are changing employers or want to consolidate multiple IRAs into one
Maximum Income NA $129,000 single/$119,000 joint
Minimum Income Earned = Contributions Earned = Contributions
Tax Advantages Contributions may be tax deductible+

Tax-deferred growth

No taxes on earnings until withdrawn (when you may be in a lower tax bracket)
Tax-free growth

Tax-free* at retirement
Account continues to grow tax-deferred

No taxes on earnings until withdrawn (when you may be in a lower tax bracket)
Maximum Contributions 2014 $5,500
$6,500 if age 50 or over
2014 $5,500
$6,500 if age 50 or over
Not Applicable –No limit to amount can Rollover
Withdrawals  
Taxable Yes, as ordinary income No, tax-free* Yes, as ordinary income
Penalty-Free** If you're over age 59½ (or certain exceptions may apply)

Contributions can be withdrawn at anytime (not earnings)

Earnings if over age 59 1/2

If you're over age 59½ and plan is open 5 years
Required Minimum Distributions Yes at age 70 1/2
None Yes at age 70 1/2
Bank Deposit Options FDIC Insured
Certificates of Deposit
FDIC Insured
Certificates of Deposit
FDIC Insured
Certificates of Deposit
PrimeVest Investment Options~ Stocks, Bonds or Mutual Funds from PrimeVest~ Stocks, Bonds or Mutual Funds from PrimeVest~ Stocks, Bonds or Mutual Funds from PrimeVest~

View our Rates

*If withdrawn after age 59 ½ and the account has been open for 5 years or more (begins with tax year of the first contribution).
**Withdrawals made from a bank certificate of deposit before the maturity date may result in substantial penalty.
+Neither PrimeVest nor First State Bank can provide legal or tax advice.

~PrimeVest is not affiliated with First State Bank but is located in First State Bank. Investment and Insurance Products from PrimeVest Financial Services are: Not a Deposit - Not FDIC Insured - Not Insured by Any Federal Government Agency - Not Bank Guaranteed - May Lose Value. Advisory services can only be offered in connection with a PrimeVest Advisory Services Agreement and disclosure brochure.

 

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