Save Smart for the Future

Take advantage of an excellent tax-advantaged way to help you work toward your retirement goals or supplement other retirement plans. The Summit can help you turn retirement dreams into reality!

  • Easily manage your long-term saving with IRA Certificates
  • Enjoy flexible contribution amounts on IRA Savings Accounts
  • Start saving early to allow your contributions to grow and help you accumulate money to support yourself in your retirement years.

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Deciding between a Roth IRA and a Traditional IRA

Compare the key differences to find the best option for your financial goals.

home equity

Roth IRA

Pay Taxes Now, Enjoy Tax-Free Growth and Withdrawals

  • Contributions made with after-tax dollars.
  • Qualified withdrawals are tax-free (including earnings) if the account has been open for at least 5 years and the account holder is 59½ or older.
  • No Required Minimum Distributions (RMDs) during the account owner’s lifetime.
  • Contributions can continue at any age, as long as you have earned income.
  • Income limits apply for eligibility to contribute.
traditional IRA

Traditional IRA

Defer Taxes Now, Enjoy Tax-Deferred Growth

  • Contributions are typically made with pre-tax dollars (which may be tax-deductible).
  • Withdrawals are taxed as ordinary income when taken in retirement.
  • Required Minimum Distributions (RMDs) must begin at age 73.
  • Contributions are allowed as long as you have earned income, but no age limit.
  • Income limits apply for tax-deductibility if you are covered by an employer retirement plan.

Which type of IRA is right for you?

The two most common IRA types are Traditional and Roth. You can hold both types and have accounts with multiple institutions (might need superscript for IRS contributions). When choosing the best option for your retirement, consider factors like your income, tax preferences, and potential penalties for early withdrawals.

View our comparison chart below.

Feature
Roth IRA
Traditional IRA
Eligibility Income
Eligibility for contributions phases out at higher income levels (e.g., $153,000–$183,000 for single filers in 2024).
Eligibility for tax-deductibility phases out at higher income levels, depending on your filing status and participation in an employer plan. (e.g., $73,000–$83,000 for single filers in 2024).
Contributions
– Contributions allowed at any age, as long as you have earned income.
– Contribution limit for 2024: $6,500 ($7,500 if 50 or older).
– Contributions allowed as long as you have earned income, with no age limit for making contributions.
– Contribution limit for 2024: $6,500 ($7,500 if 50 or older).
Required Minimum Distributions (RMDs)
No RMDs during the account owner’s lifetime.
RMDs required beginning at age 73.
Withdrawal Rules
– Contributions: Always tax-free and penalty-free.
– Earnings: Tax-free if age 59½ or older and account is open for 5+ years.
– Contributions: Taxed as income if withdrawn before 59½.
– Earnings: Taxed as income if withdrawn before 59½.

Invest in Your Future

At The Summit, we’re dedicated to helping you build a retirement plan that aligns with your goals. Our wide range of IRA options lets you personalize your savings strategy to fit your future needs.

Feature
IRA Savings Account
IRA Certificate
Best For
Flexible, long-term saving with the ability to contribute at any time.
Earning guaranteed returns with higher dividend rates for a fixed period.
Key Benefits
– Start saving early and on your terms
– No term restrictions
– Contribute at any time
– Guaranteed returns with competitive dividend rates
– Variety of term options
– Minimum deposit as low as $50
Flexibility
Contribute at any time without restrictions.
Locked-in terms for fixed, predictable growth.
Minimum Deposit
No minimum deposit required.
As low as $50.
Dividends
Earn dividends while maintaining flexibility.
Higher, guaranteed dividend rates based on your chosen term length.
Rates

Contact The Summit Retirement & Investment Services

We’re here to help – please fill out the form with the best way to reach you; or if you prefer, contact us by phone at (585) 453-7230.

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