The 1st Mariner Bank Individual Retirement Account (IRA) is a great way to build your nest egg for retirement. Our IRA offers significant tax benefits along with the security of a solid investment in your future.
And don’t worry: We'll help you with all of the paperwork! Whether you're single or married, it's never too soon to start an IRA. Speak with one of our representatives in the Product Information Center (410-558-3343) about a 1st Mariner IRA today. Below we have highlighted some of the basic differences of the two types of IRA's.
Traditional vs. Roth
Traditional IRA's accept contributions up to age 70 if you have earned income in the year of contribution. Such contributions may also be tax deductible, provided neither you or your spouse particpate in an employer sponsored retirement plan, within certain income limits. Ask your tax advisor for specifics. You are permitted to withdraw funds from your IRA at age 59 1/2, and are required to do so at age 70 1/2, under the minimum distribution rules. You will pay tax on this distribution, usually at a time when you are in a lower tax bracket.
Roth IRA contributons are not tax deductible, but you may contribute if you have earned income in the year of contribution and that income does not exceed certain limits. As you withdraw from the IRA, provided more than five years have passed since the inital contribution and you meet certain age requirements, both the contributions and the income earned are tax free.
To compare the two options, click on the Roth vs. Traditional Calculator. For the latest IRA rates, click here.