Fifth Third Bank

Choosing the Right IRA

It's your money, and finding a good home for your retirement savings has never been more important. Whether you need to roll over a 401k or whether you're just starting to save for retirement, Fifth Third Bank has the right option for you.

For additional information about your retirement needs, please visit a Fifth Third Banking Center near you.

Compare IRAs

  Traditional IRA Roth IRA Rollover IRA
Key Features
  • A personal retirement savings account that grows on a tax-deferred basis until you withdraw the funds.
  • Get started with as little as $500.
  • A personal retirement savings account with the potential for tax-free growth.
  • Get started with as little as $500.
  • A Traditional IRA designed to hold funds rolled from an employer plan. Keeping the assets separate from other IRAs may allow you to roll the funds into another employer plan at a later date.
Tax Averages

Tax Deferred:

  • Contributions may be tax-deductible.
  • Earnings grow tax-deferred until you withdraw the funds.
  • Deductible contributions and earnings are subject to taxes when you withdraw them.

Tax Free:

  • Contributions are not tax-deductible.
  • Earnings may grow tax-free.

Tax Deferred:

  • The funds grow tax-deferred until you withdraw them.
  • Pre-tax funds and earnings are subject to taxes when you withdraw them.
Eligibilty

Individuals with earned income (includes a spouse with earned income, if married filing jointly), and who are under age 70 1/2 during the contribution years.

Individuals with earned income (includes a spouse with earned income, if married filing jointly) and are within the Modified Adjusted Gross Income (MAGI) limitations. Please see your tax advisor or the IRS website for rules and additional details.

Individuals who receive an eligible rollover distribution from an employer-sponsored plan.
Withdrawals

Withdrawals made before age 59 ½ are usually subject to a 10% IRS penalty. Certain exceptions to the penalty apply (e.g. first-time home purchase, higher education expenses).

Qualified distributions (those made after 5 years and for certain reasons (i.e. at least age 59 ½, death, disability, 1st time home purchase)) are completely tax and penalty-free.

Withdrawals made before age 59 ½ are usually subject to a 10% IRS penalty. Certain exceptions to the penalty apply (e.g. first-time home purchase, higher education expenses).

Required Minimum Distribution (RMD) begin at age 70 ½.

more details

Ready to open an IRA or have questions? Please visit a
Fifth Third Banking Center near you.


View our Product Choices or our IRA FAQs to learn more about Fifth Third IRAs.


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