What is an IRA?
Both Traditional and Roth IRAs offer tax advantages—either tax-deferred or tax-free growth—to help your savings go further. Each account can be set up with automatic distributions, including required minimum distributions when applicable. Plus, every option comes with the expert guidance of a North Shore Bank IRA Professional.
Use our Roth IRA Conversion Calculator to explore if a conversion makes sense for you.
Traditional IRA
Anyone with earned income who wants to save money for their retirement can contribute to a Traditional IRA, which allows their money to grow tax-deferred until retirement age.
What's in it for you?
Contributions may be tax-deductibleFootnote 1
North Shore Bank Certificates of Deposit are FDIC insured
Roth IRA
Anyone with earned income who meets income eligibility limits can contribute to a Roth IRA, especially those seeking tax-free withdrawals in retirement.
What's in it for you?
Earnings may be able to be withdrawn tax-freeFootnote 2
North Shore Bank Certificates of Deposit are FDIC-insured
No requirement to withdraw a minimum amount at any age
1 Distributions taken prior to age 59½ are subject to an IRS penalty. Your contributions to a Traditional IRA may or may not be tax-deductible. Deductibility is determined by two factors, whether you actively participate in an employer-maintained qualified retirement plan and your modified adjusted gross income. (Consult your tax advisor)
2 Income limits may affect your eligibility to contribute. Generally you can begin taking "distribution" withdrawals from a Roth IRA without paying taxes or penalties if you have reached at least age 59½. Unlike with a Traditional IRA, there is no requirement to withdraw a minimum amount at any age. (Consult your tax advisor.)