IRAs offer you long-term retirement savings with tax advantages.

Traditional IRA - A tax-deferred investment that may allow you to contribute up to $5,500 annually if you are under age 50 and $6,500 annually from age 50 up to age 70-1/2 or until retirement. For many investors, the contributions are tax deductible. Be sure to consult your tax advisor to determine how a Traditional IRA will work for you.

Basics
Tax-Deferred investment growth yes
Tax deductible contributions Yes
Maximum annual contribution $5,500 singly (under age 50) or $6,500 singly (age 50 or over).
Contribution age limit No contributions allowed after age 70-1/2
Withdrawals
Taxed as income Yes
Penalty-free withdrawals First time home purchase ($10,000 lifetime limit), higher education funding, and account holders death or disability.
Early Withdrawals (before age 59-1/2) may be subject to IRS and bank penalties
Minimum distributions required upon reaching 70-1/2
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Roth IRA - An IRA plan that may allow you to contribute up to $5,500 annually if you are under age 50 and $6,500 annually if you are age 50 or over. Contributions can be made at any age and are not tax-deductible. Be sure to consult your tax advisor to determine how a Roth IRA will work for you.

Basics
Tax-Deferred investment growth yes
Tax deductible contributions No
Maximum annual contribution $5,500 singly (under age 50) or $6,500 singly (age 50 or over).
Contribution age limit Contributions allowed as long as investor has earned income and meets income requirements
Withdrawals
Taxed as income Withdrawals may also be tax free if the Roth plan has been established for five years and if the account holder is over
59-1/2, if used for a first time home purchase, or upon the account holder's death or disability
Penalty-free After age 59-1/2 or for first time home purchase ($10,000 lifetime limit), higher education funding and account holder's death or disability
Early Withdrawals Early withdrawals (before age 59-1/2) may be subject to IRS and bank penalties
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Education IRA - An IRA designed to help fund a child's higher education expenses. Contributions $2,000 can be made up to the child's 18th birthday. Be sure to consult your tax advisor to determine how an Education IRA will work for you.

Basics
Tax-Deferred investment growth yes
Tax deductible contributions No
Maximum annual contribution $2,000
Withdrawals
Tax-free If used for higher education expenses by the beneficiary or another family member before the age of 30
Funds distribution Funds not distributed for higher education must be distributed to the beneficiary
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