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Phone: 920-563-6616

Routing No.: 075902175

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IRA TypeDescriptionTax ImplicationsContribution LimitsCatch-Up Provisions
Traditional A tax-deferred retirement account that allows your dividends, interest payments, and capital gains to compound without being hindered by taxes. Taxes are paid only when you make withdrawals in retirement. $7,000 annually for people under 50. Full amount can be contributed each year, but it may be fully or only partially deductible based on your income. $1,000 additional for people 50 and older for a total of $8,000 annually.
Roth Contributions are made with money you have already paid taxes on. Because taxes have already been paid, withdrawals are tax-free. $7,000 annually for people under 50. May be limited based on filing status and income. $1,000 additional for people 50 and older for a total of $8,000 annually.
Rollover A Traditional or Roth IRA for money that is transferred from an employer-sponsored plan, like a 401(k) or 403(b). Taxes are paid only when you make withdrawals in retirement (excluding Roth IRAs). N/A* N/A
SEP (Simplified Employee Pension) A Traditional IRA for self-employed individuals or small business owners with one or more employees. Tax-deductible contributions are made by the employer, not the employee. Taxes are paid only when you make withdrawals in retirement. Employers can contribute up to the lesser of 25% of compensation o $70,000. Self-employed individuals must use a special calculation to determine their contribution. N/A
SIMPLE (Savings Incentive Match Plan for Employees) For businesses with 100 employees or fewer, this IRA allows employees and employers to make tax-deductible contributions. Employers can choose to match employee contributions or contribute a fixed percentage of the employee's wages. Taxes are paid only when you make withdrawals in retirement. $16,500 annually. $3,500 additional for people 50 and older for a total of $20,000 annually.