Traditional Vs. Roth IRAs | Spencer Savings Bank

Spencer’s IRAs are insured 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Benefits	Tax-Deferred Earnings Contributions and earnings can be withdrawn IRS penalty-free after age 59½ Contributions may be tax-deductible, provided that eligibility requirements are met.	Tax-Free Earnings Contributions (not earnings) can be withdrawn IRS penalty-free, at any time Contributions are not tax-deductible like Traditional IRAs.
Who Can Invest?	Anyone earning income provided eligibility requirements are met	Anyone earning income provided eligibility requirements are met.
Maximum Annual Contribution	$7,000 (below age 50) $8,000 (age 50 and older)	$7,000 (below age 50) $8,000 (age 50 and older)

*Please consult with your tax advisor regarding possible tax advantages and eligibility requirements.

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Traditional vs. Roth