Roth IRA

IRAs	Traditional	Roth
Eligibility	Must have actual income, must be younger than 70 and one half years old.	Income must be under $110, 000 if single, under $160,000 combined if married.
Contribution	Cannot exceed $2,000	Cannot exceed $2,000
Deductibility	Yes; only if employer does not offer other retirement plan	No
Tax Advantages of Contributions	Tax deferred if income less than $41,000 or $61,000 combined if married. Also allows greater growth with larger, tax-free investment.	When money payed out of fund, no taxes due, even on interest
Tax Penalties	With exceptions, 10% penalty tax on money removed before age 50 and one half.	Though some exceptions, 10% excise tax if money is taken prior to age 59 ½ and not held more than five years.
Required Distributions	No later than April first after turning age 70 and one half.	None

You can start by visiting our online Learning Center to review the basics of how a 401k rollover works and what it can do for you.
Use our Contact an Agent form to request a rollover for your 401k plan.

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