Take control of retirement savings
IRAs
Save for a comfortable retirement and receive tax advantages with an IRA from Mountain America.
Prepare financially for retirement
During retirement, it’s crucial you have enough income to cover expenses. You can help make sure you are financially prepared by adding a Mountain America IRA to your retirement plan. An IRA gives you an additional account to save for retirement.
Benefits of a Mountain America IRA
- Tax-advantaged, long-term savings vehicle*
- Fixed dividend rate
- Both traditional and Roth IRAs available
- IRA certificate options available at a higher dividend rate
Get started today
Meet with a financial guide at a branch to determine if a traditional or Roth IRA is right for you.
Schedule an appointmentCompare Roth and traditional IRAs
Traditional and Roth IRAs are very similar, but there are some distinct differences.
| Roth vs. Traditional | Roth IRA | Traditional IRA |
|---|---|---|
| Contributions | ||
| Contributions | Not tax-deductible | Tax-deductible, subject to certain limitations |
| Earnings | ||
| Earnings | Tax-free, subject to certain limitations | Taxes are deferred until you begin withdrawing funds. |
| Withdrawals | ||
| Withdrawals | Tax-free withdrawal of original contribution; potentially tax-free withdrawal of earnings if part of a qualified withdrawal | Taxable |
| Maximum contributions | ||
| Maximum contributions | 2024 Up to $7,000 for those under age 50; $8,000 for those ages 50 and above | 2024 Up to $7,000 for those under age 50; $8,000 for those ages 50 and above |
| Eligibility | ||
| Eligibility | No age restrictions See the IRS website for more information. | No age restrictions |
| Tax/penalty consequences | ||
| Tax/penalty consequences | Contributions can be withdrawn anytime without taxes or penalties. Earnings can be withdrawn, without taxes or penalties, if you are 59 ½ and your account has been open five years or more. | All earnings and deductible contributions are taxable upon withdrawal. Penalties will be assessed if withdrawals are taken before age 59 ½, or if withdrawals are not taken by age 73. |
| Distribution requirements | ||
| Distribution requirements | None | Required minimum distributions upon reaching age 73 |
| Exceptions to penalties | ||
| Exceptions to penalties | Some exceptions are made if funds are used for a first-time home purchase, education or certain medical expenses. | Some exceptions are made if funds are used for a first-time home purchase, education or certain medical expenses. |
Rollovers and transfers
Retirement accounts may be rolled over or transferred, but it is important to understand the tax implications.*Three ways to move retirement funds
- Trustee-to-trustee transfer—A simple transfer is a movement from one IRA to a different IRA of the same type (traditional to traditional; Roth to Roth). The payment is made directly from one IRA custodian to another. Since you do not access the funds, this is considered a non-reportable event and no taxes are withheld.
- 60-day rollover—If a distribution from an IRA or retirement plan is paid directly to you, you have full access to the funds. Because of this, it is considered reportable and potentially taxable, and a 1099-R will be generated. You can deposit all or a portion of the funds back into an IRA or retirement plan. If you complete that deposit within 60 days, the money will not be taxed.
- Direct rollover—If you are moving funds from a retirement plan, such as a 401(k), you can ask your plan administrator to make the check payable directly to the other retirement plan or IRA custodian. No taxes will be withheld from your direct rollover amount.
Restrictions
- You typically cannot roll over more than one IRA in any 12-month period. This rule does not apply to:
- Trustee-to-trustee transfers
- Traditional to Roth conversions
- Plan rollovers
- Required minimum distributions (RMDs) cannot be rolled over, but they are eligible for trustee-to-trustee transfers.
Ready for the next step?
Meet with a financial guide to learn more and start your retirement rollover or transfer.
Schedule an appointment
Money Market Accounts
Earn higher dividends for higher balances with no set maturity date. Add and withdraw funds anytime.
LPL Financial IRAs
Save for retirement with an investment account managed by award-winning wealth advisors.
*Consult your tax advisor.
