IRAs

Traditional IRA

A Traditional IRA allows eligible individuals to make annual contributions of up to $5,500 or 100% of compensation, whichever is less. Contributions may be tax deductible, depending on adjusted gross income (AGI), tax filing status, and participation in an employer-sponsored retirement plan. Any earnings may grow tax deferred until withdrawn. Individuals age 50 or over may make additional, or "catch-up", contributions to their Traditional IRA of up to $1,000.

Who is eligible?


Roth IRA

A Roth IRA allows eligible individuals to make annual contributions of up to $5,500 or 100% of compensation, whichever is less, depending on filing status and adjusted gross income (AGI). The greatest advantage of a Roth IRA is that it may enable individuals' contributions to accumulate tax free. This means that eligible Roth IRA owners won't pay taxes on any earnings in their accounts, provided certain conditions are met.


Rollover IRA

A Rollover IRA plan allows you to take control of the money you have in a former employer's retirement plan. This type of retirement account is usually made after one leaves his/her job.


Education IRA

The Education IRA accumulates tax-deferred earnings to pay education expenses, which may be withdrawn tax-free. The account may be established for a child under 18.


Simplified Employee Pension Plans

A SEP-IRA (Simplified Employee Pension Plan) is a tax-deferred retirement plan designed for self-employed individuals, independent contractors, or small-business owners seeking to create a retirement plan for themselves and/or to provide a valuable benefit for employees. Employer and employee contributions to the SEP plan are deductible as a business expense and receive tax-deferred growth. Contributions can be made up until the employer's tax filing deadline, including extensions.


SIMPLE Plans

A Savings Incentive Match Plan for Employees Plan is a tax-deferred retirement plan for small employers with 100 or fewer employees, which allows employee salary reduction contributions and employer matching contributions. An employer must either match 100% of each employee's elective compensation regardless of whether he or she makes an elective contribution. Contributions can be made up to the employer's tax-filling deadline, including extensions.


Self-Employed 401(k)s

An Individual (k) or Single (k) plan capitalizes on recent tax law changes, allowing owner-only businesses to enjoy the same benefits of larger company 410(k) plans.  They have higher contribution limits than SEP-IRAs and SIMPLE-IRAs, allowing you to invest more now to potentially reach your retirement goal faster.