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An IRA can help you bridge the gap between Social Security, pension plans and the standard of living you want in retirement. Wings’ Roth and Traditional IRAs simplify saving so you can have peace of mind.
| Compare & find the best account for you. | Traditional IRAs | Roth IRAs |
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Overview |
The traditional IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn. Certain contributions are also tax-deductible in the tax year for which you make them. |
The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. If you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA, since contributions are nondeductible and taxed in the year they are earned. |
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Tax Benefits |
You may be able to deduct your contributions and you may pay taxes when you withdraw funds. |
Pay taxes when you contribute to your account. You will withdraw the money tax free. |
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Contribution Requirements |
Earned income |
Earned income |
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Required Minimum Distributions (RMDs) |
You must start taking RMDs in the year you turn 72 |
Do not apply |
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Contribution Amount per Tax Year |
You can contribute up to $6,000. If you are over 50, you can contribute $7,000. |
You can contribute up to $6,000. If you are over 50, you can contribute $7,000. |
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Which accounts can I open |
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Where can I open an IRA |
Available at branch locations and by mail |
Available at branch locations and by mail |
| Traditional IRA Details | Roth IRA Details |
A Coverdell Education Savings Account (CESA) helps you save for eligible expenses in a child’s elementary, secondary or higher education. It’s a nondeductible account that features tax-free withdrawals for this specific purpose.
Your beneficiaries will be notified and funds will be distributed accordingly.
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