Individual Retirement Accounts

Roth IRAs

Type: Publication

What is a Roth IRA and how does it work?

A Roth IRA grows tax-free, and if an individual withdraws the money after age 59 ½ and the account has been in place for at least 5 years, the withdrawal will not be taxed. However, contributions to the Roth IRA are not tax-deductible.

Who can contribute to a Roth IRA?

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Traditional IRAs

Type: Publication

What is a Traditional IRA and how does it work?

The most common IRA, a Traditional Individual Retirement Account, allows an individual to get a tax deduction for money that is set aside for retirement. The money put into an IRA and the investment earnings on those contributions are not taxed until they are withdrawn.

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Inherited IRAs

Type: Publication

What is an Inherited IRA?

If you are named as a beneficiary of the IRA of someone who has died, the amount you inherit becomes an Inherited IRA. The rules that apply to Inherited IRAs differ depending on the type of IRA you inherit and whether you are the spouse of the deceased IRA owner.

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Payroll Deduction IRAs

Type: Publication

What is a Payroll Deduction IRA?

A Payroll Deduction IRA is an arrangement that allows employees to contribute to an Individual Retirement Account through their employer. Any employer can choose to set up a Payroll Deduction IRA.

How does a Payroll Deduction IRA work?

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Nondeductible IRAs

Type: Publication

What is a Nondeductible IRA?

A Nondeductible IRA is like a Traditional IRA in all respects but one: An individual cannot take a tax deduction for contributions made to the IRA.

Who can set up a Nondeductible IRA?

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Rollover IRAs

Type: Publication

What is a Rollover IRA?

In a retirement plan that permits an individual to withdraw money when changing jobs or retiring, that person can postpone paying income taxes on the amount distributed if the money is transferred into a Rollover IRA (or into another retirement plan). An individual can also transfer money from one IRA to another.

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How much can I contribute to my retirement plan?

Spotlight

Wondering how much you can contribute to your retirement plan this year? Read our helpful fact sheet to find out. The fact sheet also includes contribution limits for previous years. Read the fact sheet.

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From Our Blog

Can we call it a comeback...for DB plans?

I hope so. According to a newly-released Towers Watson survey, it looks like defined benefit pension plans are making a comeback – especially among younger workers.

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In the News

Qualified Longevity Annuity Contract Rules Should Allow More Options, Commenters Say

A Treasury Department proposal to expand retirement income options is on the right track, but it requires some revisions to achieve the objectives
outlined in the proposed regulation (REG-115809-11), a variety of interest groups said in public comment letters posted May 4.

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Did You Know?

In 2011, workers can contribute up to $16,500 to their 401(k) plans. Workers age 50 and older can contribute $22,000. Employers can match those contributions up to a total employer-employee limit of $49,000. Check out our helpful fact sheet to learn the contribution limits for other retirement plans. Read the fact sheet.