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Traditional IRAs
- Contributions may be deductible from current year’s income for potential tax savings
- Maximum annual contribution for individuals up to $4,000 ($5,000 if age 50 or over)1
- Maximum annual contribution for married couples with non-working spouse up to $8,000 ($10,000 if age 50 or over)
- FDIC coverage up to $100,000
Roth IRAs
- Features tax deferred earnings now (subject to adjusted gross income criteria) and tax free withdrawal at retirement2
- Maximum annual contribution for individuals up to $4,000 ($5,000 if 50 or older)1
- Maximum annual contribution for married couples with non-working spouse up to $8,000 ($10,000 if 50 or older)
- Continue contributions after age 70-½ and distributions are not required at any age
- Early withdrawals of contributed principal may be made without tax or penalty under certain circumstances
- FDIC coverage up to $100,000
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