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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No taxes on earnings until withdrawn (when you may be in a lower tax bracket)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No taxes on earnings until withdrawn (when you may be in a lower tax bracket)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 2016 $5,500
$6,500 if age 50 or over
2016 $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Contributions can be withdrawn at anytime (not earnings)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
First State Investment Services Options~ Stocks, Bonds or Mutual Funds from First State Investment Services~ Stocks, Bonds or Mutual Funds from First State Investment Services~ Stocks, Bonds or Mutual Funds from First State Investment Services~

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*If withdrawn after age 59 ½ and the account has been open for 5 years or more (begins with tax year of the first contribution).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.

~Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA and SIPC. Insurance products offered through LPL Financial or its licensed affiliates. First State Bank and First State Bank Investment Services are not registered broker/dealers and are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured  by the FDIC; are not deposits or other obligations of First State Bank or First State Investment Services or any government agency are not guaranteed by First State Bank or First State Investment Services; and are subject to investment rises, including possible loss of the principal invested.

 

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