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Individual Retirement Accounts (IRAs)
Do More for Your Retirement With a PNC Investments Tax-Advantaged IRA
Why IRAs?
No matter how near or far off your retirement is, the tax advantages of an Individual Retirement Account can be too great to pass up.
Using both an IRA and an employer-sponsored plan (such as a 401(k) if you have access to one) provides the opportunity to invest more for your retirement.
Traditional IRA
If you have earned income, a Traditional IRA may be right for you.
- Immediate tax advantages; contributions may be tax-deductible and earnings remain invested tax-deferred.
- Taxes are due at the time of distribution/withdrawal.
- No maximum income limits for eligibility.
Roth IRA
If you’ve earned income below a certain threshold set by the IRS, a Roth IRA may be right for you.
- Though contributions are made after-tax, earnings remain invested tax-free.
- Withdrawals are tax-free in retirement; there is no tax on qualified distributions after age 59½.
- May be more appropriate for those with growing income potential (who may be taxed at a lower rate now versus in retirement).
When Leaving an Employer
If you're changing jobs or retiring, be sure to consider the assets you've accumulated in your employer-sponsored plan, such as a 401(k) plan.
There are four different actions you can take with assets invested via a previous employer’s retirement plan. These include leaving the assets where they are, moving the assets to a new employer’s plan, cashing out, and rolling the assets over to a Traditional or Roth Individual Retirement Account (IRA).
Related Resources
The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Private Bank℠ or PNC Institutional Asset Management®: