Traditional and Roth IRAs
Whether you are just starting your career or planning on retirement, it's time to start maximizing the return on your investment. And if you haven't started investing yet, it's time.
Overview
Both traditional IRAs and Roth IRAs are great investment options. At Raiz, you are offered a high yielding return on your retirement account. Opening an IRA is a great way to put money away for your retirement and earn more dividends compared to standard checking or savings accounts. Determine which IRA account is best suited for your retirement goals. For some IRA owners, this may be a combination of both Traditional and Roth IRA account types.
It's never too early to start thinking about your future retirement savings. IRAs create a safe and easy path to a secure retirement plan. And did we mention you only need $1 to open an IRA account? Plus, you are going to enjoy the ease in our online application.
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Features
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Tax-Free Growth
Sit back and watch your savings increase with tax-free growth on all IRA options, unlike standard savings accounts that get taxed on earned dividends.
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Invest in a Variety of Options
IRAs offer more investment options than a 401(k) to help diversify your portfolio, including money markets, certificates of deposit, stocks, bonds, mutual funds, or EFTs.
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Withdraw up to $10,000 for Large Expenses
After five years, you may qualify to withdraw up to $10,000 from your IRA penalty-free to cover major expenses like first-time homebuying costs, education, or financial hardships.
Rates
See today's ratesAs high as
Annual Percentage Yield1IRA Calculator
Save on Taxes Now with a Traditional IRA
With a Traditional IRA, you can make tax-deductible contributions to grow your savings faster and only pay taxes upon withdrawal in retirement. There are no maximum income limits, making it easy for nearly anyone to save for retirement no matter how much you make.
Enjoy Tax-Free Retirement Income with a Roth IRA
With a Roth IRA, you pay taxes on your contributions now, so you won't have to pay taxes on withdrawals in retirement. This tax advantage helps you maximize your income in retirement. Unlike Traditional IRAs, you can make a withdrawal for as much or as little as you like in retirement without any minimum distributions or penalties for more flexibility.
Jump Start Retirement Hub
Jump Start Retirement Hub offers ideas that you can apply to help you achieve financial security. Visit the hub to learn about retirement investment options, access special tools, and manage your account.
Why Choose Raiz?
Our financial experts are some of the best, but really our motivation is you. Here is what we are doing today to reach a brighter tomorrow.
We work hard to make your money work for you. Reap the benefits of our innovative products and services that provide you with high dividend checking accounts, low interest on loans, and great rates on savings and retirement accounts.
Your money never sleeps, and neither do we. Raiz members have 24/7 access to digital banking and an online support chat available to help with all your banking needs.
We don’t just want to help you manage your money, we want you to thrive! Raiz provides free, award-winning online courses that cover an array of topics for every stage of your life.
Start your financial journey today.
Rising up our community is what drives us forward. We dedicate our time, funds, and resources to organizations and initiatives that are committed to making a difference.
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Open an Account
Choose the type of IRA that suits your retirement plan.
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Make Contributions
Add to your IRA and watch your retirement savings grow.
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3
Enjoy Retirement
Start withdrawing your IRA funds to support your retirement dreams.
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Yes, any individual at any age can open an IRA account as long as they have earned income or are rolling over from another qualified retirement plan.
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A required minimum distribution (RMD) is the amount of money that must be withdrawn by the IRA owner (73 years old or older) once a year in order to prevent a penalty from the IRS.
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Dividends are paid quarterly.
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Contributors ages 50 and under can contribute $7,000.00 per year. Contributors 50 and older have a maximum limit of $8,000.00 per year. Please consult your tax advisor for more specific information.
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The difference between Roth and Traditional IRAs is the timing of their tax advantages. Through a Roth IRA, you contribute after-tax dollars, money increases tax-free, and you can generally make tax and penalty-free withdrawals after age 59½. With a Traditional IRA, you contribute pre- or after-tax dollars, your money grows tax-deferred, and withdrawals are taxed as current income after age 59½.
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No, there can only be one owner for an IRA.
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Secure Your Financial Future
Start planning for your retirement by opening a Traditional or Roth IRA, and make contributions to support your retirement goals.
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Assumptions
Retirement age
Calculation assumes that the year you retire, you don't make contributions. If you retire at 67, the calculation assumes your last contribution is at 66.
Inflation
Calculation assumes a 2.9% rate of inflation. This is a common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2018 the CPI has a long-term average of 2.9% annually.
Social Security
Social Security benefits are not considered for this calculation. Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire.
Pensions
Pensions are not considered for this calculation.
Rate of return
Interest compounds monthly. The interest rate specified in calculator is used to calculate your return on savings and investments during and after retirement.
Disclosure
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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