Traditional & SEP IRAs

Traditional IRA

SEP IRA

A Traditional IRA allows eligible individuals to save for retirement with potential tax-deferred growth opportunities.

Features of a Traditional IRA include:

• Contributions based on compensation and IRS eligibility requirements
• Potential tax-deductible contributions depending on filing status and adjusted gross income (AGI)
• Earnings grow tax-deferred until withdrawn
• Subject to Required Minimum Distributions (RMDs), which are minimum amounts that must be withdrawn once you reach a certain age
• Withdrawals prior to age 59 1/2 may be subject to taxes and IRS early withdrawal penalties
• Minimum opening deposit of $100.00

A Simplified Employee Pension (SEP) IRA is designed for employers and self-employed individuals looking for a simpler retirement plan option.

Features of a SEP IRA include:

• Funded primarily through employer contributions
• Contributions based on a percentage of employee compensation
• Ideal for small business and employers with fewer employees
• Subject to Required Minimum Distributions (RMDs)
• Withdrawals prior to age 59 1/2 may be subject to taxes and IRS early withdrawal penalties
• Minimum opening deposit of $100.00