IRA Solutions & Tax-Advantaged Growth
Secure your financial future with Individual Retirement Accounts (IRAs). Whether you’re self-employed, an employee, or approaching retirement, IRAs offer powerful tax benefits to help your money grow faster.
2026 IRA Benefits by the Numbers
Explore Your IRA Options
There isn’t a one-size-fits-all retirement plan. Choose the IRA strategy that aligns with your current tax situation and your future income goals.
Traditional IRA
The classic retirement account. Contributions may be tax-deductible now, lowering your current taxable income. Your money grows tax-deferred until you withdraw it in retirement.
- Immediate tax deductions (if eligible)
- Tax-deferred earnings growth
- Taxes paid only upon withdrawal
- Best if you expect to be in a lower tax bracket later
Roth IRA
Pay taxes now to enjoy tax-free income later. Contributions are made with after-tax dollars, but your investment grows tax-free, and qualified withdrawals in retirement are 100% tax-free.
- Tax-free growth and withdrawals
- No Required Minimum Distributions (RMDs)
- Withdraw contributions anytime penalty-free
- Best if you expect taxes to rise in the future
Rollover IRA
Don’t leave your money behind. If you’ve changed jobs, consolidate your old 401(k) or 403(b) into a Rollover IRA. Keep your tax benefits while gaining more investment control.
- Avoid immediate taxes and penalties
- Consolidate scattered retirement accounts
- Access a wider range of investment options
- Maintain tax-deferred status
Fixed Annuity IRA
Add an insurance layer to your retirement. A Fixed Annuity within an IRA guarantees your principal and provides a set interest rate, protecting your nest egg from market volatility.
- Principal protection (Zero market risk)
- Guaranteed interest rates
- Tax-deferred growth within the IRA
- Can convert to guaranteed lifetime income
Traditional vs. Roth IRA Comparison
Which tax advantage works best for you? Compare the key features to make the right choice.
| Feature | Traditional IRA | Roth IRA |
|---|---|---|
| Contributions | Pre-tax (Tax-deductible)* | After-tax (Not deductible) |
| Growth | Tax-Deferred | Tax-Free |
| Withdrawals | Taxed as Income | Tax-Free (Qualified distributions) |
| Required Distributions (RMDs) | Yes, starting at age 73 | None during owner’s lifetime |
| Income Limits | None to contribute | Yes, income limits apply |
| Early Withdrawal | Penalty + Tax on everything | Contributions can be withdrawn tax/penalty free |
Common Questions
How much can I contribute to an IRA?
For 2024 and 2025, the standard limit is typically around $7,000 per year. If you are age 50 or older, you can add a “catch-up” contribution of $1,000, totaling $8,000. These limits are subject to change annually by the IRS.
Can I have both a 401(k) and an IRA?
Yes. Participating in a workplace 401(k) plan does not stop you from contributing to an IRA. However, if you have a workplace plan, your ability to deduct Traditional IRA contributions on your taxes might be limited based on your income level. Roth IRA contributions are limited only by your income level, not your 401(k) participation.
What is a “Backdoor” Roth IRA?
This is a strategy for high-income earners who exceed the income limits for a regular Roth IRA. It involves making a non-deductible contribution to a Traditional IRA and then converting it to a Roth IRA. Taxes are paid on any earnings accumulated before the conversion.
Can I use an Annuity inside my IRA?
Yes. This is often called a “Qualified Annuity.” Using an annuity inside an IRA provides the IRA’s tax advantages combined with the annuity’s principal protection and guaranteed income features. It’s a popular strategy for the “safe money” portion of a retirement portfolio.
When do I have to take money out?
With a Traditional IRA (and other pre-tax accounts), you must start taking Required Minimum Distributions (RMDs) when you reach age 73. Roth IRAs do not have RMDs during the original owner’s lifetime.