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Traditional vs. Roth

Spencer’s IRAs are guaranteed by the FDIC up to $250,000 per depositor.

Traditional IRA Roth IRA
Why Spencer?
  • Hassle-free rollovers and transfers
  • Minimum to open as low as $500
  • Variety of terms available to meet your needs
  • Hassle-free rollovers and transfers
  • Minimum to open as low as $500
  • Variety of terms available to meet your needs
Benefits
  • Tax-Deferred Earnings
  • Contributions and earnings can be withdrawn penalty-free after age 59½
  • Contributions may be tax-deductible, provided that eligibility requirements are met.
  • Tax-Free Earnings
  • Contributions (not earnings) can be withdrawn penalty-free, at any time
  • Contributions are not tax-deductible like Traditional IRAs.
Who Can Invest?
  • Anyone earning income and under 70½
  • Anyone earning income provided eligibility requirements are met.
Maximum Annual Contribution
  • $5,500 (below age 50)
  • $6,500 (age 50 and older)
  • $5,500 (below age 50)
  • $6,500 (age 50 and older)

Open Your Account Today

Apply online, visit your local branch, or call us at 1-800-363-8115 today!