An Individual Retirement Account (IRA) is a tax-advantaged investment account designed to help you save toward retirement. IRAs are one of the most effective ways to save and invest for the future. It allows your money to grow on a tax-deferred or tax-free basis, depending on the type of account – see the table below.
Types of IRAs
Determining which IRA is best for your unique situation depends on your age, income, and financial goals. Please consult with your tax advisor for additional details and for help to decide which one is right for you.
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Compare IRAs
Features |
Traditional IRA |
Roth IRA |
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Description |
Tax-deferred retirement savings account:
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Tax-free retirement savings account:
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Eligibility |
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Contribution limits |
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Distribution and withdrawals |
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Availability |
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3 easy ways to open an IRA
It's easy to open and fund an IRA. Whether you prefer investing on your own or want personal investment guidance, we have an option to fit your needs.
Automated Investor
For convenient investing at a low cost, open an IRA through Automated Investor from U.S. Bancorp Investments. This robo-advisor combines our expertise and technology to automatically manage your retirement account.
Self-directed investing
To make investments on your own, open a self-directed brokerage account from U.S. Bancorp Investments. This lets you trade stocks, bonds, mutual funds, ETFs1 and more, on your own.
Financial professional
When you work with a dedicated wealth professional through U.S. Bank or U.S. Bancorp Investments, you’ll have a single point of contact to help you guide your IRA strategy.
SEP IRA
- Simplified Employee Pension Plan (SEP) – a tax-deferred retirement plan for anyone who is self-employed, owns a business, employs others or is an independent contractor
- Contribution limit – up to 25% of compensation for yourself and employees
- Available through both U.S. Bank and U.S. Bancorp Investments
401(k) and 403(b) rollovers
U.S. Bancorp Investments and U.S. Bank make it easy to rollover2 your employer-sponsored account.
IRA transfers
Options for transferring your IRA:
- Authorize a transfer. Authorize the transfer of funds from an existing IRA into your new IRA. Some fees may apply.
- Request a check. Request a distribution check payable to you. Deposit the funds within 60 days to potentially avoid tax and penalties. Your limit is one rollover per 12-month period.
Insights
401(k) Rollovers
How to transfer your previous employer’s retirement account and get a consolidated view of your finances.
IRA vs. 401(k): What's the difference?
If you're eligible, it's possible you could contribute to all three, so it's helpful to know how they compare.
4 benefits of an IRA
Look beyond your 401(k) or pension to maximize the power of your retirement savings.
About brokerage and investment advisory services
To learn more about the differences between brokerage and investment advisory services and fees from U.S. Bancorp Investments, please read the Client Relationship Summary and Regulation Best Interest Disclosure.