IRAs
............Saving for Retirement is as Easy as I-R-A
It’s never too early — or too late — to start saving for retirement with a tax-advantaged Individual Retirement Account (IRA) from PlainsCapital Bank. Our certificate of deposit IRAs offer tax benefits and attractive rates in fixed-term, FDIC-insured accounts. Choose between a Traditional and Roth IRA based on your specific needs. It only takes $100 to start turning your retirement dreams into reality.
Traditional IRAs
A Traditional IRA allows you to make qualified annual contributions tax-free, meaning you’ll pay no taxes on your savings until you withdraw them.
 |  | |
|---|---|---|
| __ | Traditional IRAs | Roth IRAs |
| Who Can Contribute | Anyone with earned income, until the year you reach 70 1/2 | Anyone with earned income and whose Modified Adjusted Gross Income is within IRS limits |
| Tax Advantages | Contributions may be deductible; earnings aren’t taxed until withdrawn or the account owner is age 59 ½, or is disabled, dead, or withdrawing up to $10,000 for a first-time home purchase | Qualified withdrawals are tax-free after the account has been open for five tax years and the account owner is age 59 1/2 (or is disabled, dead, or withdrawing up to $10,000 for a first-time home purchase) |
| Contribution Deductibility | May be tax-deductible depending on your income and whether you're covered by an employer's retirement plan | Are not tax-deductible |
| Contribution Maximums | Under age 50: $6,000 Age 50 or over: $7,000 Limits are for 2020; contributions cannot exceed earned income for the year | Under age 50: $6,000 Age 50 or over: $7,000 Limits are for 2020; contributions cannot exceed earned income for the year |
| Required Distributions | Must begin at age 70 1/2 | __ |
| Rollovers | Funds from a qualified retirement plan can be rolled over | Funds from a qualified retirement plan can be rolled over |
Which IRA is Right for You?
Visit a PlainsCapital branch near you to discuss which IRA is right for you, or view our comparison chart for more information.