Phone: 801-377-4222

Individual Retirement Accounts (IRAs)

The future may be unknown, but that doesn't mean you have to worry. All it takes is a little preparation. Start saving now for retirement with one of our tax advantaged IRAs. We offer both traditional and Roth options to help make sure you get an account that meets your needs.

Summary

Set aside funds for retirement
Earn interest on entire balance
No setup fees or service charges
Traditional and Roth IRA options
Tax free or tax-deferred earnings
Age and contribution restrictions apply
Possible penalty for early withdrawals

What do I need to open an AmBank account?

Traditional and Roth IRAs

There are many differences between traditional and Roth IRAs. These are just some of the important distinctions to help you decide which is right for you. Consult your tax advisor for more information.

Traditional IRA

Annual contributions may be tax-deductible, and interest earned is tax-deferred until distributions are taken.
No annual fee or setup charges
Anyone under age 70½ can open and have earned income
Earnings accumulate tax-deferred
Contributions may be tax deductible
$5,000 contribution limit per year ($6,000 for ages 50 and up)
Withdrawals can begin at age 59½
Early withdrawals subject to penalty*
Mandatory withdrawals at age 70½

Roth IRA

Contributions are made from taxable income, but interest and deductions are tax-free.
No annual fee or setup charges
Earnings and principal may be tax free upon withdrawal
Contributions are not tax deductible
$5,000 contribution limit per year ($6,000 for ages 50 and up)
Principal may be withdrawn penalty-free at any time
Earnings can be withdrawn penalty-free at age 59½
Early dividend withdrawals subject to penalty*
No mandatory distribution age

*Certain exceptions apply. Non-penalized withdrawals include health care, buying a home, etc.