IRAs and 401(k)s
Part of your retirement plan may include an Individual Retirement Account (IRA) or 401(k) plan from your employer. The advisors at Bremer Investment Services can help you determine which product(s) are best for you, based on your individual goals.
When you’re looking for an array of options to help you save for retirement, talk to the financial advisors at Bremer Investment Services. We can help you evaluate your options and choose the one that is right for you. Learn more about the two main types of IRAs available for retirement purposes: Traditional or Roth.
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Traditional IRA
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Roth IRA
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|---|---|---|
| Am I eligible to contribute? | You may contribute if you are under age 70 ½ and your (or your spouse, if filing jointly ) have qualified income levels. See IRS.gov for more details. | You may contribute at any age if you (or your spouse, if filing jointly) have qualified income levels. See IRS.gov for more details. |
| Are my contributions deductible? | You may deduct your contributions if you qualify. See IRS.gov for more details. | Your contributions are not deductible. |
| How much can I contribute? | This varies by year. See IRS.gov for current limits and deadlines. | This varies by year. See IRS.gov for current limits and deadlines. |
| Can I withdraw money? | You can withdraw money anytime. | You can withdraw money anytime. |
| Are my withdrawals and distributions taxable? | Some withdrawals and distributions may be taxable. See IRS.gov for more details. | Not if it’s a qualified distribution (or a withdrawal that is a qualified distribution). See IRS.gov for more details. |
| Am I required to take distributions? | You must start taking distributions by April 1 following the year in which you turn age 70 ½ and by December 31 of later years. | Not if you are the original owner. |
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Traditional IRA
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Am I eligible to contribute?
You may contribute if you are under age 70 ½ and your (or your spouse, if filing jointly ) have qualified income levels. See IRS.gov for more details. -
Are my contributions deductible?
You may deduct your contributions if you qualify. See IRS.gov for more details. -
How much can I contribute?
This varies by year. See IRS.gov for current limits and deadlines. -
Can I withdraw money?
You can withdraw money anytime. -
Are my withdrawals and distributions taxable?
Some withdrawals and distributions may be taxable. See IRS.gov for more details. -
Am I required to take distributions?
You must start taking distributions by April 1 following the year in which you turn age 70 ½ and by December 31 of later years.
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Roth IRA
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Am I eligible to contribute?
You may contribute at any age if you (or your spouse, if filing jointly) have qualified income levels. See IRS.gov for more details. -
Are my contributions deductible?
Your contributions are not deductible. -
How much can I contribute?
This varies by year. See IRS.gov for current limits and deadlines. -
Can I withdraw money?
You can withdraw money anytime. -
Are my withdrawals and distributions taxable?
Not if it’s a qualified distribution (or a withdrawal that is a qualified distribution). See IRS.gov for more details. -
Am I required to take distributions?
Not if you are the original owner.
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If you are changing jobs, approaching retirement or wish to consolidate multiple retirement accounts, a 401(k) rollover may be the solution. If this is the case, work with Bremer to move your funds to a rollover account, and we will advise you every step of the way to help avoid tax penalties and to choose the investment options that suit your time horizon and risk tolerance. A 401(k) rollover offers the benefits of:
- Full range of investment options
- Advice and guidance from a Bremer professional
- Convenience of one consolidated retirement account
There are additional options to consider changing jobs or approaching retirement. These options include staying in the 401(k) plan, a rollover to an IRA, cashing out of the 401(k) plan, or rolling over to a new company retirement plan. Please consult our team at Bremer to work with what option would be best for you.