Long-Term Financial Planning.

MAX offers a variety of IRAs perfect for long-term financial planning, including Traditional, Roth and Educational Savings Accounts (ESAs). Individual Retirement Accounts also provide opportunities to save on your income taxes. Depending on current tax laws, all or part of your annual contributions to an IRA may be deferred. Consult your tax advisor for more information.

Get the IRA from MAX that's right for you! Use our smart IRA Comparison Chart to assist in learning more about the differences between a Traditional IRA and a Roth IRA. Each investment retirement account provides it's own unique benefits.

With a Traditional or ROTH IRA from MAX, you can save for the future. The Traditional IRA is easy to maintain and may offer you important tax advantages, such as deductible contributions and tax-deferred earnings. Earnings from a ROTH IRA that are distributed in a qualified manner are not subject to federal income tax, offering certain benefits for beginning your retirement early.


Make sure your future is everything you want it to be! It's never too early to start planning.

Jamie Brown , VP of Relationship Development

Jamie Brown

Please take advantage of our chart below when researching your options.

MAX Individual Retirement Account Type Traditional Roth
The Overview A Traditional IRA offers the best of both worlds: worry-free savings for retirement with tax-deferred earnings — plus tax-deductible contributions to lighten the tax burden year after year from now until retirement. A Roth IRA can make your retirement a whole lot greener, because the money you put into a Roth IRA today comes back to you tax-free during retirement – along with the tax-free interest your money earns while it's in there.
The Basics A Traditional IRA (Individual Retirement Account) is a personal tax-favored savings account. It allows for tax-deductible contributions for most people. In addition, earnings are not taxed until you begin to withdraw from your IRA. A Roth IRA is one of the most exciting personal savings options available today. While contributions to your Roth IRA are not tax deductible, the best part about owning a Roth IRA is what happens when you withdraw from the account. If certain conditions are met, withdrawals from your Roth IRA are tax-free and penalty-free.
What are the advantages of each account type? A Traditional IRA allows you to sit back and relax, knowing your retirement earnings are 100% free from federal income tax until you take distributions. What's more, the money in your Traditional IRA is always accessible; you can withdraw funds at any time. 

Another significant advantage of a Traditional IRA is that if you wait until you retire to withdraw the money from your account, you could be in a lower tax bracket, meaning you ultimately would pay less tax than in another vehicle that makes you pay tax as you go. 

Plus, a Traditional IRA gives you the flexibility to easily move funds if your investment goals change.
Provided you follow certain guidelines, every dollar you invest in a Roth IRA grows tax-free and is distributed to you completely tax-free. 

Uncle Sam doesn't get a dime. And if you need it, the money in your Roth IRA is always accessible; you can withdraw funds at any time. 

A Roth IRA is an integral part of any financial plan. Unlike a Traditional IRA, you don't have to start taking distributions at age 70½, which means you have more flexibility during your retirement years and you can pass more on to your heirs.
Who can contribute to this IRA? If you are under age 70½, and you or your spouse have earned income, you may contribute to a Traditional IRA, even if you participate in another retirement plan, such as one sponsored where you work. If you are married, both you and your spouse may each have your own IRA; however, you may not have a joint IRA. You may contribute to a Roth IRA as long as you have income from working and do not exceed the income limits set for that year. There is no maximum age limit for contributing. If married, you and your spouse may each set up your own Roth IRA. If one spouse has little or no compensation, the spousal rules may allow each of you to contribute to your Roth IRAs. A maximum income limit applies to Roth IRA contribution eligibility. If you are a single taxpayer and your total income exceeds $127,000 for 2013 ($129,000 for 2014) or you are married, filing jointly, and your total income exceeds $188,000 for 2013 ($191,000 for 2014), you may not contribute to a Roth IRA.
How much can I contribute? Contributions are limited to a specific dollar amount each tax year, depending on your age. For 2013 and 2014, the contribution limit is $5,500 if you are under age 50. For 2013 and 2014, the contribution limit is $6,500 if you are age 50 or older. Future limits are subject to cost-of-living adjustments. Contributions may not exceed 100% of your compensation (e.g., wages, tips, professional fees, bonuses, etc.) If either you or your spouse has little or no compensation, the spousal rules may allow each of you to contribute the full amount to your IRAs. Contributions are limited to a specific dollar amount each tax year, based on your age. For 2013 and 2014, the contribution limit is $5,500 if you are under age 50, and $6,500 if you are age 50 or older. Contributions may not exceed 100% of compensation, e.g., wages, salaries, tips, professional fees, bonuses, etc. If you or your spouse has little or no compensation, the spousal rules may allow each of you to contribute the full amount to your Roth IRAs.
When can I make contributions? Contributions for a year may be made up to the tax-filing deadline (usually April 15) for that year, not including extensions. Contributions cannot be made to your Traditional IRA for the year you turn age 70½ or for any later year. Contributions for a year may be made up to the tax-filing deadline (usually April 15) for that year, not including extensions. Remember, there is no maximum age limit; if you are working, contributions can be made for the year, even if you are age 70½ or older.
When can I withdraw funds from my IRA? You may withdraw money from your Traditional IRA at any time. The taxable portion of the withdrawal will be taxed as ordinary income. Distributions taken before you reach age 59½ may be subject to the IRS 10% early withdrawal penalty.

In certain situations, you can take money out prior to age 59½ without IRS penalty. These include distributions that are taken:
  • While you are disabled;
  • For a qualifying first-home purchase
    ($10,000 lifetime maximum);
  • For certain higher education costs;
  • Over your projected life expectancy
    (substantially equal periodic payments); or
  • To pay for health insurance if you are unemployed.
Note: It is best to determine if you qualify for an exception to the IRS 10% early distribution penalty before you withdraw money from your Traditional IRA prior to age 59½. Once you reach age 59½, the taxable portion of any distribution you take is taxed as ordinary income; however, the IRS 10% early withdrawal penalty no longer applies.

Important! Tax rules can be complicated. This chart is intended to serve as a general overview. Before making any decisions, you should speak with a qualified tax advisor.
You can take money out of your Roth IRA at any time. Unlike a Traditional IRA, you are never required to withdraw from your Roth IRA, even when you reach age 70½. Your account can continue to grow until you need the funds, and any funds you don't need can be passed on to your heirs.

For tax purposes, funds from your Roth IRA are withdrawn in the following order:
  • Regular contributions come out first, penalty-free and tax-free.
  • Converted funds come out next, tax-free. They are also withdrawn penalty-free, provided these funds are withdrawn after the required five-year period or if an exception applies (e.g., reaching age 59½, becoming disabled, using money for higher education expenses, etc.)
  • Earnings come out last. They are penalty-free and tax-free if withdrawn after the required five-year period AND one of these four situations applies: you are over age 59½, disabled, withdrawing for a first-time home purchase, or you have died. There are other situations that allow you to withdraw earnings penalty-free, but not tax-free.
Important! Tax rules can be complicated. This brochure is intended to serve as a general overview. Before making any decisions, you should speak with a qualified tax advisor.
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Traditional IRA

This IRA is easy to maintain and offers members important tax advantages such as deductible contributions and tax-deferred earnings.

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Roth IRA

Earnings from a Roth IRA that are distributed in a qualified manner are not subject to federal income tax, offering certain benefits for beginning your retirement planning early.

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