| |
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 |
$122,000 single/$179,000 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No taxes on earnings until withdrawn (when you may be in a lower tax bracket) |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No taxes on earnings until withdrawn (when you may be in a lower tax bracket) |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 |
2011 $5,000
$6,000 if age 50 or over |
2011 $5,000
$6,000 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Contributions can be withdrawn at anytime (not earnings)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 (or certain exceptions may apply) |
| 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*If withdrawn after age 59 ½ and the account has been open for 5 years or more (begins with tax year of the first contribution).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.