Traditional IRAs

Annual contributions are tax-deductible and will grow tax-deferred until you begin withdrawing them at retirement. There are income limits on participation.

Roth IRAs

Contributions are made on an after-tax basis. Earnings grow tax-free if held for at least five years and maintained until age 59½. Earnings maintain their tax-free status if funds are distributed to an owner who is disabled, to a beneficiary, or for the purchase of a first home (up to $10,000). There are income limits on participation.