American Savings Bank - Home  
Questions? Account Log-In
Personal Business Investments Insurance   Current Rates Locations Open An Account
Home > Accounts & Services IRA Plans > Compare Accounts
Change Sections  
Accounts & Services
  Financial Consulting
  Mutual Funds
  Annuities
  IRA Plans
    Traditional
    Roth
    Education (CESA)
    Compare Accounts
  Employer IRA Plans
  Pension Plans
 About Us
 In the Community

Compare Accounts
Choose the IRA that's Right for You†††

Traditional IRA Roth IRA Education IRA
Benefits
    Save for your retirement with tax-deferred earnings. Your contributions may also be tax deductible (with certain limitations).

    Save for your retirement with earnings that are tax-free.
    Save for your children's education with earnings that are tax-free.
Withdrawals
  • Taxable except for any pretax contribution.
  • Allowed without penalty after age 59½.
  • Other exceptions may apply, such as death, disability, home purchase, education, medical expenses, etc. (withdraw up to $10,000 in your lifetime for your first home).
  • Tax-free on qualified earnings.
  • Allowed without penalty after account is open for five years and after age 59½.
  • Other exceptions may apply, such as death, disability, home purchase, education, medical expenses, etc. (withdraw up to $10,000 in your lifetime for your first home).
    Tax- and penalty-free as long as withdrawals are used for qualified education expenses.
Eligibility
    Earned income for the years in which you contribute.
  • Earner income for the years in which you contribute.
  • Allowed regardless of participation in an employer's retirement program.
    Parents, grandparents, or any interested party may contribute up to the annual limit for a child.
Spousal Eligibility
    May be opened for spouse if spouse doesn't earn income.
    May be opened for spouse if spouse doesn't earn income.
    Not applicable.
Annual Contribution Limits
  • Either $3,000 or 100% of earned income (whichever is less), minus any contribution you make to a Roth IRA.
  • If your spouse doesn't earn income, you can contribute up to $3,000 to a spousal IRA.
  • If you're at least 50 years old, you may contribute an additional $500.
  • Either $3,000 or 100% of earned income (whichever is less), minus any contribution you make to a Traditional IRA.
  • If your spouse doesn't earn income, you can contribute up to $3,000 to a spousal IRA.
  • If you're at least 50 years old, you may contribute an additional $500.
  • Up to the annual limit as long as your modified annual gross income (AGI) falls within income limits ($110,000 or less if you're single, $160,000 if married and filing jointly1).
  • If modified AGI exceeds eligibility limits, contribution limits phase out.
  • Up to $500 annually until the child turns 18.
  • Up to the annual limit as long as your modified annual gross income (AGI) falls within income limits ($110,000 or less if you're single, $160,000 if married and filing jointly).
Distribution Requirements
    Must begin to take distributions by April 1st of the year after you become 70½ years old.
    No required distributions while you're alive, but your beneficiaries will be subject to distribution rules after you die.
    Unused amounts must either be used or rolled over to another family member under 30 years of age. Otherwise, remaining amount is subject to a 10% federal tax penalty.
Tax Deductions for Contributions
    Fully deductible regardless of AGI if you and your spouse aren't in an Employer Retirement Plan (ERP).2

    Not tax deductible.
    Not tax deductible.
Open an Account
1 1 Based on an IRS formula, the allowed contribution is reduced (phased out) when AGI exceeds these limits.
2 If you are in an ERP program, the allowed contribution is reduced when AGI exceeds certain limits set by IRS.
3 You can elect to deposit your money into either an 18-Month IHA or a Passbook IHA. Each of these options has a different penalty structure for early withdrawals or use of the money for other than a first-time home purchase.


Other IRA Options
The Financial Service Group also offers other employer-sponsored retirement account options in which you may be able to participate if your employer has already set them up. These options include SEP IRAs and SIMPLE IRAs.



††† Investment products are offered by UVEST Financial Services, Member FINRA, SIPC. UVEST and American Savings Bank are independent entities.
Not FDIC Insured May Lose Value Not Bank Guaranteed
Not Guaranteed by any Federal Government Agency Not a Bank Deposit