Thrivent Financial Bank

Bank > Individual Retirement Accounts > Advantages of IRAs
Advantages of IRAs

Whether you're saving for retirement, a special dream or a loved one's education, Thrivent Financial Bank has an IRA to help meet your needs. Choose the IRA that's right for you!

Traditional IRA

Earnings are tax-deferred. That's a big advantage because you won't have to pay taxes until you start withdrawing the money.
Buying a first home? Paying for higher-education costs? Funds can be withdrawn for these purposes without a 10% early-withdrawal federal penalty tax.
Make withdrawals anytime after age 59 ½ without penalty tax.

Roth IRA

Contributions are not tax-deductible, but qualified withdrawals are tax-free and tax-penalty-free after a five-year holding period and if one of four events is satisfied.
Make contributions, even after age 70 ½, if you have earned income.
Funds can be withdrawn without an early withdrawal federal penalty tax for a first-time home purchase or for higher-education costs. The earnings may be taxable, unless the qualified-distribution rules are met.

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