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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  • Traditional IRA: Earnings accumulate tax-deferred until withdrawn with a Traditional IRA.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

Getting Started

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  1. Speak to your tax advisor about your individual tax situation.
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