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The best time to plan for the future is right now while you're still earning income. IRAs offer a tax-advantaged* way to save. Depending on which IRA you choose — the tax-deferred traditional IRA or the pre-taxed Roth IRA — you could see those tax benefits today, or during your retirement.* IRAs give you the opportunity to grow your savings quickly. Talk to an experienced Cross Bank representative about how to start funding your own IRA today.

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today*, while a Roth IRA has the potential for the most tax benefit at time of retirement.*

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.