![Family swinging their young daughter outside](/-/media/feature/westernsouthern/hero/hero-form/happy-older-couple-eating-breakfast/family-swinging-young-daughter.jpg?rev=8e848fce039b4472bcd11b7a70a45d18&la=en&h=600&w=980&hash=89FAB4926188F409C65D7620B82B6A07CC925C59)
Required Fields*
Individual Retirement Accounts (IRA)
![Mother and daughter playing on the beach](/-/media/feature/westernsouthern/products/table-module/mother-and-daughter-playing-on-the-beach-new.jpg?rev=810c5a913d39403a924b62bf2203de8e&la=en&h=487&w=991&hash=59CAB67BF5F70A5AB06601E611D0FEA9A1915B31)
Different IRAs Have Different Features & Benefits
Benefits | Traditional IRA | Roth IRA |
---|---|---|
Tax-Deductible Contributions
Take advantage of possible annual deductions on your federal income taxes
|
Checked | NotChecked |
Tax-Free Growth
Make tax free withdrawals of interest and earnings in accordance with applicable rules
|
NotChecked | Checked |
Tax-Deferred Growth
Enjoy long term tax-deferred growth of your money and pay taxes on non-Roth IRAs later when you make withdrawals
|
Checked | Checked |
Tax-Free Distributions*
*tax-free withdrawals if age 59 ½ or older and held the Roth IRA for 5 years or more
|
NotChecked | Checked |
No Lifetime Required Minimum Distributions
Access your savings without worrying about mandatory withdrawals by a certain age
|
NotChecked | Checked |
No Age Contribution Limit
Continue to contribute money from your earned income at any age
|
Checked | Checked |