Saving for Retirement Is as Easy as I-R-A
It’s never too early – or too late – to start saving for retirement with a tax-advantaged account from PlainsCapital Bank. Our certificate of deposit IRAs offer tax benefits and attractive rates in fixed-term, FDIC-insured accounts. And it only takes $100 to start turning your future dreams into reality.
Traditional IRAs
With a Traditional Individual Retirement Account, your annual contributions may be tax-deductible – you’ll pay no taxes on your earnings until you withdraw them.
Roth IRAs
With a Roth IRA, contributions are not tax-deductible, but qualified withdrawals – including earnings – are tax-free.
Changing Employers? Don’t Cash Out, Roll it Over.
If you leave your job or retire, you don’t have to cash out your qualified retirement plan. You can keep the tax-deferred status of your funds by rolling them directly into a Traditional or Roth IRA.
Which IRA Is Right for You?
Our comparison chart can help you choose which IRA can best help you save for retirement.
Traditional IRAs |
Roth IRAs |
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Who Can Contribute |
Anyone with earned income, until the year you reach 70 1/2 |
Anyone with earned income and whose Modified Adjusted Gross Income is within IRS limits |
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Tax Advantages |
Contributions may be deductible; earnings aren't taxed until withdrawn |
Qualified withdrawals are tax-free after the account has been open for five tax years and the account owner is age 59 1/2 (or is disabled, dead, or withdrawing up to $10,000 for a first-time home purchase*) |
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Contribution Deductibility |
May be tax-deductible depending on your income and whether you're covered by an employer's retirement plan |
Are not tax-deductible |
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Contribution Maximums |
Under age 50: $5,500 Age 50 or over: $6,500 Limits are for 2016 and 2017; contributions cannot exceed earned income for the year |
Under age 50: $5,500 Age 50 or over: $6,500 Limits are for 2016 and 2017; contributions cannot exceed earned income for the year |
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Required Distributions |
Must begin at age 70 1/2 |
None |
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Rollovers |
Funds from a qualified retirement plan can be rolled over |
Funds from a qualified retirement plan can be rolled over |