Take control of retirement savings
IRAs
Prepare financially for retirement
During retirement, it’s crucial you have enough income to cover expenses and live the life you want. Help ensure you are financially prepared by adding a LPL Financial Individual Retirement Account (IRA) to your retirement plan. An IRA gives you an additonal account to save for to better enjoy your retirement.
What is an IRA?
An IRA is a form of retirement plan that offers certain tax advantages. The two most common accounts are traditional IRAs and Roth IRAs. Each offers different tax advantages and benefits, so it’s important to compare them. See which one is right for you.
Benefits of LPL Financial’s IRAs
- Tax-advantaged long-term savings vehicle¹
- Flexible options
- Both traditional and Roth IRAs available
Saving for retirement
Meet with one of our wealth advisors today to determine if a traditional or Roth IRA is right for you. Click the button below or call toll-free 1-800-540-7670.
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Compare 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 50; $8,000 for those 50 and up. | 2024 Up to $7,000 for those under 50; $8,000 for those 50 and up. |
| Eligibility | ||
| Eligibility | No age restrictions. See the IRS's website for more information and income restrictions. | 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| Tax/penalty consequences | Contributions can be withdrawn anytime without taxes or penalties. Earnings can be withdrawn, without taxes or penalties, if you are 59 ½ and your account has been open five years or more.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. |
Roth vs. traditional IRA calculator
Use this helpful IRA calculator to determine whether a Roth or traditional IRA is right for you.
Meet with one of our wealth advisors today to determine if a traditional or Roth IRA is right for you. Click the button below or call toll-free 1-800-540-7670.
Schedule a consultation
401(k) Distribution Options
Is your money in the right place? Learn about distribution plans for your 401(k).
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Mountain America Credit Union and Mountain America Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mountain America Investment Services, and may also be employees of Mountain America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Mountain America Credit Union or Mountain America Investment Services. Securities and insurance offered through LPL or its affiliates are:
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| Not Credit Union Deposits or Obligations | May Lose Value |
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