Individual Retirement Accounts

An individual retirement account (IRA) is a tax-advantaged account that helps you save for retirement. The contributions you make to your IRA can be invested in a variety of ways, including annuities, mutual funds, interval funds, stocks and bonds.

There are two types of IRAs – traditional and Roth. Learn more about each type, the benefits of a rollover and what is right for you.

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IRA & 401(k) benefits

An IRA offers certain tax advantages, so they're ideal for saving for retirement. But it's also wise to consider all of your retirement savings options – including 401(k)s – and understand the benefits.

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Early withdrawal options for a traditional IRA

Sometimes life happens and we find ourselves in need a little financial help. Here are four situations in which you can make an early withdrawal from a traditional IRA without a penalty.

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Roth IRA calculator

Eighty percent of people age 30 to 54 don't believe they will have enough money for retirement.1 IRAs can make a big difference in your retirement savings. Calculate potential income using our Roth IRA calculator.

Traditional IRAs

When you put money in a traditional IRA, your contributions may be tax-deductible, plus any growth in your account is tax-deferred.3 You can access your money for any reason, including to pay for certain things, like a first home or educational expenses.2

Roth IRAs

With a Roth IRA, the money you put into your account is after-tax dollars. And because you've already paid taxes on the money you've put in, you won't have to worry about taxes when you withdraw it.4 Use our Roth IRA calculator to find out how much you could save before you retire.

Differences between a traditional & Roth IRA

Which one is right for you?

A traditional IRA, if you: A Roth IRA, if you:
Are under 70½ years old and you or your spouse are not currently covered by an employer-sponsored retirement plan.6 Have a 2018 modified adjusted gross income (MAGI)6 less than:
  • $122,000 (single filer)
  • $193,000 (joint filer)
Currently have earned income. Currently have earned income.
Think you may be in a lower tax bracket in retirement. Think you may be in a higher tax bracket in retirement.
Don't think you'll need to take money out of your account until retirement. Want the flexibility to take money out whenever you want and for any reason.
  • Your contributions and conversions can be withdrawn income tax-free.4
  • Your earnings, however, may be subject to taxation and penalties (if withdrawn prior to age 59½).5
Want or need to start withdrawing from your account between ages 59½ and 70½. Want your account to have growth potential as long as possible without being required to start withdrawals at a certain age.
Would benefit from a potential immediate federal income tax deduction. Would benefit from qualified distributions that are free from federal income tax in the future.

Member's Voice

"I know when we complete the planning for our retirement, I'm going to feel very confident. There's not going to be any surprises 20 years down the road."*