Whatever your retirement plans may be, an IRA from Texas First Bank is always a great idea. Choose from traditional or Roth and quickly grow your nest egg with contributions of up to $6,500 per year, depending on your age.

Details
  • Competitive dividends above standard savings rates
  • Traditional IRA, Roth IRA, and Coverdell ESA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year, depending on your age
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Contributions may be tax deductible1
  • $1 minimum deposit to open
  • Substantial penalty for early withdrawal

1Consult a tax advisor.

Traditional vs. Roth IRA

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on earnings can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.