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Which IRA is right for you?
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Traditional IRA
How it works
- Annual contribution limit of $6,000 to all IRA accounts ($7,000 if you’re older than 50)
- No penalty on withdrawals once you reach the age of 59-½
- Funds can be held in a savings account or a certificate of deposit
- Required minimum distributions after age 72
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Roth IRA
How it works
- Annual contribution limit of $6,000 to all IRA accounts ($7,000 if you’re older than 50)
- Withdraw your contributions at any time without penalty (earnings cannot be withdrawn until you reach the age of 59-½)
- Funds are held in a savings account
- No required minimum distributions
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Make your savings work harder with a CD
Get a better return on your savings when you invest in a certificate of deposit. Invest as little as $5 and for as short a period as 3 months.