Individual Retirement Accounts

Your path to a more comfortable retirement starts with Empower's Individual Retirement Accounts (IRAs). We offer various options with different tax advantages that your professional tax advisor can explain fully. All of our retirement savings account products can be designated as Traditional, Roth or Education IRAs, and you can deposit funds into them automatically with Direct Deposit.

IRA Features

Provides a tax-advantaged savings plan to set aside money for retirement
Offer Traditional/SEP and Roth IRAs to choose what works best for you
Allow Primary and Contingent Beneficiaries to be added directly to your IRAs

Eligibility

Traditional IRA

Earn Compensation - typically defined as money you earn from employment
Non-earning spouses who file joint tax return with working spouse

Roth IRA

Earn Compensation or be a non-earning spouse who files joint tax return with working spouse
Subject to income limitations based on modified adjusted gross income (MAGI) limits

Contributions and Distributions

IRS reviews and determines maximum annual contribution limits annually
If you are over 50, you may qualify for an additional $1000 contribution, known as a Catch-Up
Traditional and Roth IRA contributions are cumulative for the annual contribution limit
Required Minimum Distributions (RMD) required annually from Traditional IRAs upon reaching the age 72 (70 ½ if born before July 1, 1949 or 73 if born 1951 or later)
No RMD required for Roth IRAs
Distributions prior to age 59 ½ may be subject to additional tax and/or penalty

Tax Benefits

Visit Retirement Central for detailed information
Talk with a tax advisor prior to opening or making changes to existing IRAs

Online Banking