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IRA Basics

Individual Retirement Accounts (IRAs) are smart saving methods for retirement. Understanding how an IRA works is fairly simple, but there are a few restrictions you should consider before opening an account.

Keep reading for a basic overview of this popular retirement savings option and determine if opening one is right for you.

IRA Basics: What You Need to Know

IRAs icon

IRAs are tax-advantaged savings accounts that allow you to save for retirement. There are two common types of IRAs:

Contributions to these accounts are subject to IRS limits that change annually. The main difference between these two types is when you receive the tax benefit, as explained below.

Synchrony Bank does not provide tax advice so be sure to contact your tax advisor or financial consultant before opening or contributing to an IRA.

Traditional IRAs

Below is a summary of the types of contributions and distributions you can make with a Traditional IRA account.

Contributions

Distributions

Roth IRAs

plan for your future today

Below is a summary of the types of contributions and distributions you can make with a Roth IRA account.

Contributions

Withdrawals

Open an IRA at Synchrony Bank

Getting an overview of IRAs is only the first step in building your retirement plan. If you are looking for deposit products to save for your retirement, see how Synchrony Bank’s IRAs can work for you.

Our IRAs feature award-winning customer service and FDIC insurance up to $250,000 per depositor for each ownership category. Be sure to consult your tax or financial advisor before contributing to an IRA.

Call us today at 844-345-5789 to learn more about your IRA options. 

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Sources:

IRS: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits


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