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Deciding between a Traditional IRA and a Roth IRA

Review the following chart to decide which best fits your financial situation.1

Traditional IRA Roth IRA
Eligibility You must be under 70 1/2 years old. Available for all ages.
Contribution limits
(2009 - 2010)
$5,000
$6,000
(if age 50 or older by 12/31/10)
$5,000
$6,000
(if age 50 or older by 12/31/10)
Contribution deadline IRAs must be opened by April 15 the prior tax year, for previous tax year benefits.
Income limit Anyone is eligible to contribute, but not everyone will receive the tax benefit. Up to $105,000 for Single filers.
Up to $167,000 for Married (combined annual income).
Advantages Earnings are tax-deferred until withdrawn. This may help you decrease your taxable income to a lower tax bracket.

No income restrictions.
Tax free withdrawals on the principal and all earnings.

No mandatory distribution age.

No minimum withdrawal requirement.
Disadvantages Withdrawals before 59 1/2 are subject to a 10% penalty.1 Contributions are not deducted from your taxable income.
Current Rates View View


Have an IRA question?
Call (800) 541-2546

1 Contact your tax advisor for details.

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     Copyright 2013 Santa Ana Federal Credit Union. 800 West Santa Ana Blvd., Santa Ana, California 92701. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. government agency.