Quick IRA Actions

Get in touch


Email us 24/7

We're here to help!

Contact Us

Understanding the Basics

An Individual Retirement Account or IRA, is a savings account with tax advantages, making it an ideal way to save money for your retirement. The EZ IRA was created to allow businesses the ability to offer a simple automatic payroll deducted retirement option without the hassles, expenses and liabilities of other retirement plans.

You can choose between a traditional and Roth IRA based on your personal goals.

Reasons to Consider a Traditional IRA

  • Reduce your taxes on the money you contribute to your savings.
  • Individuals between 18 and 70 ½ years of age are eligible to contribute with earned income.
  • Maximum contribution in 2017 is $5,500 ($6,500 if 50 or older).


Reasons to Consider a Roth IRA

  • Tax FREE withdrawals upon retirement.
  • Benefits investors with a long term retirement horizon.
  • Maximum contribution in 2017 is $5,500 ($6,500 if 50 or older).


This chart highlights the similarities and differences between Traditional and Roth IRAs.


Features Traditional IRA Roth IRA
Who can contribute? You can contribute if you (or your spouse if filing jointly) have taxable compensation but not after you are age 70½ or older. You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see 2016 and 2017 limits).
Are my contributions deductible? You can deduct your contributions if you qualify. Your contributions aren’t deductible.
How much can I contribute?

The most you can contribute to all of your traditional and Roth IRAs is the smaller of:

  • $5,500 (for 2015 - 2017), or $6,500 if you’re age 50 or older by the end of the year; or
  • your taxable compensation for the year.
What is the deadline to make contributions? Your tax return filing deadline (not including extensions). For example, you can make 2016 IRA contributions until April 18, 2017
 When can I withdraw money? You can withdraw money anytime.
Do I have to take required minimum distributions? You must start taking distributions by April 1 following the year in which you turn age 70½ and by December 31 of later years. Not required if you are the original owner.
Are my withdrawals and distributions taxable? Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable. Also, if you are under age 59 ½ you may have to pay an additional 10% tax for early withdrawals unless you qualify for an exception. None if it’s a qualified distribution (or a withdrawal that is a qualified distribution). Otherwise, part of the distribution or withdrawal may be taxable. If you are under age 59 ½, you may also have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.

Saving For Retirement Has Never Been Easier


Take the First Step


Get Started Today!