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Understanding Individual Retirement Accounts (IRA's)

Traditional IRA


A Traditional Individual Retirement Account (IRA) can be a very effective vehicle for saving and investing for your retirement.

  • Traditional IRA earnings are tax-deferred, which can help your investment grow faster.
  • Some or all of your money you add to your IRA may be tax deductible each year (please consult your tax advisor).
  • Contribute up to $5,000 a year ($6,000 if you are age 50 or better).
  • You can withdraw funds from your Traditional IRA without penalty after you reach the age of 59 ½.
  • When you reach the age of 70 ½, you must begin to take minimum required withdrawals or penalties will be imposed.

Roth IRA


The Roth IRA creates an opportunity to make nondeductible contributions to an account, where the earnings are tax-free and penalty-free if the account is open for five years and you meet any of the following criteria:

  • You are at least 59 ½ years of age.
  • You are purchasing your first home.
  • You become permanently disabled.

With a Roth IRA, you may make annual contributions up to $5,000 if you are under the age of 50 or $6,000 if you are age 50 or better.. Unlike a Traditional IRA, you can continue contributions after the age of 70 ½ and there is no requirement to begin making withdrawals at the age of 70 ½.

Choose from a variety of Certificate of Deposits (CDs) for your Traditional IRA or Roth IRA. In addition, Univest gives you the special option of investing your IRA in stocks, bonds and mutual funds through Univest Investments, Inc. You have the choice of controlling your investments or appointing Univest as your representative to manage them for you.