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Compare IRAs

Deciding between a Traditional and a Roth IRA? Learn more about the comparisons between the two.  Your local Dollar Bank experts are also available to answer any questions you have.

 

  Traditional IRARoth IRA
Am I eligible to contribute?Yes, if you and/or your spouse has earned income.Yes, if you and/or your spouse has earned income and it's within certain limits.
How much can I contribute?Standard contribution limits are up to $6,500 a year ($7,500 if 50 years of age or older) for individuals and $13,000 a year for married couples, even if only one spouse has earned income ($6,500 per spouse or $7,500 if 50 years of age or older).Standard contribution limits do not exceed $6,500 a year ($7,500 if 50 years of age or older) for individuals and $13,000 a year for married couples ($6,500 per spouse or $7,500 if 50 years of age or older).
How long can I contribute?As long as you have earned income, you can contribute to your IRA.As long as you have earned income, you can contribute to your IRA.
Are my contributions tax-deductible?*Tax-deductible contributions depend upon participation in employer-sponsored retirement plans and income levels.No
Are my earnings tax-deferred?YesYes

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*Tax deductible portion of contributions vary based on age, income and tax filing status. Please consult your tax advisor.