Individual Retirement Account (IRA)

IRAs can help you save for the future while taking advantage of tax-deferred growth and dividend interest. You can choose between a Traditional IRA or a ROTH IRA. Depending on the IRA you select, your contributions may be tax deductible.

Whether you choose a Traditional or Roth IRA, the tax benefits allow your savings to potentially grow, or compound, more quickly than in a taxable account. To get that tax-advantaged growth from your IRA contributions, remember to do 3 things: contribute what you can, invest your contribution, and set up automatic investments.

Compare IRAs

Traditional IRA
With a Traditional IRA, you make contributions that may be tax-deductible. Earnings are tax-deferred until you withdraw them in retirement.

  • Tax-deferred growth and tax-deductible contributions
  • You income does not affect how much you can contribute
  • You will pay taxes when you withdraw your pre-tax contributions and when you withdraw any earnings
  • Requires an opening balance of $250
  • $25 transfer fee will be charged for each IRA transfer
  • $5,500 is the maximum contribution per year, per individual
  • $6,500 is the maximum contribution per year, per individual age 50 or older

Roth IRA
With a ROTH IRA, you make contributions with money you’ve already paid taxes on. Earnings are tax-free when you withdraw them in retirement, if certain conditions are met.

  • Enjoy tax-free growth and tax-free qualified withdrawals
  • Contribute at any age
  • Your income affects how much you can contribute
  • You won’t pay taxes when you withdraw your contributions, and you won’t pay federal taxes on your earnings, as long as the maturity requirement has been met
  • Requires an opening balance of $250
  • $25 transfer fee will be charged for each IRA transfer
  • $5,500 is the maximum contribution per year, per individual
  • $6,500 is the maximum contribution per year, per individual age 50 or older

Visit with a Security First Bank representative to open an IRA or to obtain additional details and requirements for these accounts.