You’ve worked hard and earned the right to enjoy your retirement. Northfield can help you securely plan for your future financial needs with a Traditional or Roth IRA.
- Traditional IRA: Earnings accumulate tax-deferred until withdrawn with a Traditional IRA. Your money grows and you don’t need to pay taxes on it until you take it out of the IRA.(1)
- ROTH IRA: A Roth IRA is an individual retirement account funded with after-tax dollars. You can’t deduct contributions to a Roth IRA at tax time, but you can withdraw your money tax-free in retirement.(1)
Comparison Chart
| Features | Traditional IRA(1) | Roth IRA(1) |
|---|---|---|
| Minimum Balance to Open | $250.00 | $250.00 |
| Age Requirement | Contribute up to 701/2 | Contribute at any age |
| Income Limitations | None | Your income can affect how much you can contribute |
| Tax Deductible | Yes | No |
| Early Withdrawal Penalty | If you make withdrawals before you're 591/2, your might have to pay a 10% penalty. | If you make withdrawals before you're 591/2, you might have to pay taxes on your earnings plus a 10% additional tax. |
| Required Minimum Distributions (RMDs) | Yes | RMDs do not apply |
