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IRAs and Retirement Services

IRAs and Retirement Services

We provide savings and investment strategies designed to help you gain confidence about your retirement, including contributory Traditional and Roth IRAs, rollovers, Roth IRA conversions and more. U.S. Bank and its affiliate, U.S. Bancorp Investments, can help.

For many of us, achieving financial security throughout retirement is the ultimate goal. A disciplined and well-diversified retirement strategy can be designed that considers your current financial situation as well as your long-term goals.

See Retirement Planning for insights to consider when planning for and living in retirement.

Individual Retirement Accounts (IRAs)

There are different types of IRAs to choose from to save for retirement, each with their own set of rules and potential tax advantages.

  • Everybody is eligible to establish and maintain IRA accounts. They allow you to retain personal control over a portion of your retirement nest egg. Dollars saved can be put to work in your choice of mutual funds, managed portfolios, CDs, annuities and other investment options. You may be able to invest 100% of your taxable compensation up to $5,500 per year ($6,500 for those age 50 and older) in Traditional and/or Roth IRAs, each offering unique tax advantages. These dollar limits are for 2016 and are adjusted periodically for inflation.

    Traditional IRA

    All individuals with earned income can contribute to a Traditional IRA and may benefit from tax-deferred compounding of potential earnings. Some who meet income requirements can make contributions that are deductible from current taxes. Earnings and tax-deductible contributions are taxed at ordinary income tax rates when money is withdrawn from the IRA. Distributions can begin without penalty after you reach age 59-1/2. If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70½. If you do not receive your required minimum distribution (RMD), IRS tax penalties will be incurred. Please consult with your tax advisor and financial professional for details.

    A Traditional IRA may be a good choice if you:

    • qualify to make tax-deductible contributions;
    • earn too much income to be eligible to contribute to a Roth IRA;
    • want to build a pool of savings that could be converted to a Roth IRA at a later date; or
    • expect to be in a lower tax bracket when you retire.

    Roth IRA

    Roth IRAs offer the power of tax-free compounding of potential earnings making them an alternative for many investors who qualify to make contributions (based on income limits). If holding period requirements are met, all earnings that accumulate in a Roth IRA can be withdrawn on a tax-free basis. By paying taxes now before you make contributions, you may save the tax benefits for later – even beyond your own life. Dollars accumulated in a Roth IRA can generate a stream of tax-free income for you later in life. Money remaining in your account after your death can continue to provide tax-free income for your heirs.

    A Roth IRA may be a good choice if you:

    • want a source of tax-free income in retirement;
    • seek to avoid required minimum distributions (RMDs) from your IRA when you reach age 70-1/2 (distributions are required from a Traditional IRA at that age);
    • expect to be in a comparable or a higher tax bracket when you retire; or
    • wish to leave heirs with a tax-advantaged income source after your death.

    Find out which IRA option is best for you

Rollover IRA and Roth Conversion

You may gain flexibility and control by rolling over, converting or consolidating your existing retirement savings plans and accounts. However, a rollover of retirement plan assets into an IRA is not your only option.

Before deciding whether to keep assets in an existing plan, roll assets to a new employer plan, take a cash distribution or roll assets into an IRA, be sure to consider potential benefits and limitations of all options. You should consider total fees and expenses, the range of investment options available, penalty-free withdrawals, availability of services, protection from creditors, required minimum distribution planning and taxation of employer stock. Discuss rollover options with your tax advisor for tax considerations.

  • Rollover Your Old 401(k)

    One of the biggest decisions to make about an employer-based retirement savings plan is what to do with your plan balance after you leave your job. To help preserve tax-advantaged growth of earnings and gain better control of your retirement assets, you can rollover retirement savings from workplace plans of former employers into Traditional or Roth IRAs. Individuals often roll money from their 401(k) or 403(b) plan into an IRA after leaving an employer.

    Convert a Traditional IRA to a Roth IRA

    If you have money accumulated in a Traditional IRA or workplace savings plan, consider converting some or all of those assets to a Roth IRA. At the time of the conversion, taxes are due (at ordinary income tax rates) on all pre-tax contributions and earnings. Once converted to a Roth IRA, all earnings can accumulate on a tax-free basis (if holding period requirements are met), giving you more flexibility to manage your cash flow in retirement.

    Consolidate Multiple IRAs

    Keeping track of different IRA accounts with multiple institutions can be a challenge. It may be beneficial to consolidate those assets into a single IRA account. It can make it easier to manage the investments in your IRA and to take voluntary or mandatory distributions from the account in retirement.

Small Business Retirement Plans – SEP IRA and SIMPLE IRA

Small business owners and self-employed individuals may get tax-advantaged retirement savings opportunities with SEP and SIMPLE-IRAs.

  • SEP IRA (Simplified Employee Pension Plan)

    SEP-IRAs help self-employed individuals and small-business owners have access to a tax-deferred vehicle when saving for retirement. The SEP IRA allows you as the business owner to make tax-deductible contributions to an individual retirement account on behalf of each eligible employee (including yourself). Contributions are directed into a Traditional IRA. You have the flexibility to make contributions that may be substantially larger than those allowed in an individually-owned IRA and you can generally take the funds from your SEP plan with you when changing employers.

    SIMPLE IRA (Savings Investment Match Plans for Employees)

    A SIMPLE IRA lets companies that have 100 or fewer employees offer a tax-advantaged retirement plan, funded by employer contributions and elective employee salary deferrals. You can make pre-tax contributions from your compensation into your account. Employers can also make tax-deductible contributions to each eligible employee’s account.

Investing your IRA Assets

IRAs can be funded with stocks, bonds, mutual funds, annuities, ETFs, UITs, money market accounts, CDs and more. Our financial professionals can help you choose the options that are right for you.

Quickly compare the features of Traditional and Roth IRAs to find what’s right for you.

If you want:

Traditional IRA

Roth IRA

A tax deduction on your contribution (under certain conditions)


Tax-free withdrawals on your savings during retirement


Tax-deferred growth on your savings

Penalty-free access to your annual contributions before retirement


The ability to avoid required minimum distributions (RMDs) after age 70½


The ability to contribute to an IRA in addition to your retirement plan at work

The ability to contribute after age 70½ if you have earned income


The ability to rollover your pre-tax 401(k) plan without paying taxes


The ability to get tax-deferred growth on your savings if your income is too high to make a Roth IRA contribution


When it comes to funding your retirement, you have a lot of investment options – and chances are you have a few questions, too. U.S. Bank and U.S. Bancorp Investments, Inc. each have knowledgeable financial professionals who can help you select the plan that may be appropriate for you and work with you to maintain the plan.

  • An IRA (Individual Retirement Account) is designed for those who don’t have the option of saving in an employer-sponsored retirement plan or who recognize the need to supplement their employer-sponsored plan at work with an additional option. An IRA is an account owned in your name, so you maintain control over the assets including making choices of how to invest the money in the account. An IRA also offers potential tax advantages. Some individuals will qualify to make contributions that can be deducted from current taxes. Earnings in all types of IRAs can grow with taxes deferred. Roth IRAs offer the potential to qualify for tax-free withdrawals.

  • Contributions can only be made if you have earned compensation in the year in which you plan to make your contribution. For the 2017 tax year, you are allowed to contribute up to $5,500 ($6,500 for those age 50 and older) to a traditional IRA, or 100% of your compensation, whichever is less. To make contributions to a Traditional IRA, you must not reach age 70-1/2 before the end of the year. There is no age limit to make contributions to a Roth IRA, but the ability to make contributions is subject to income limits.

  • Contributions for a specific year must be made by the federal income tax filing deadline of the following year. For instance, a contribution for 2016 must be made by the tax filing deadline in April 2017.

  • Yes, provided that contributions to all IRAs do not in total exceed the legal contribution limit of $5,500 ($6,500 for those age 50 and older).

  • Virtually all individuals can convert a Traditional IRA to a Roth IRA regardless of their income level. The conversion is a simple process involving a modest amount of paperwork. When a conversion occurs, taxes are applied on all pre-tax contributions and earnings in that same tax year. The 10% early withdrawal penalty does not apply to dollars moved from a Traditional IRA to a Roth IRA. Individuals have the option to “re-characterize” all or part of a conversion (changing your mind and moving all or part of the converted amount back to the Traditional IRA) until October 15 of the year following the year in which the conversion occurred.

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U.S. Bancorp is the parent company of U.S. Bank and U.S. Bancorp Investments.

This information represents the opinion of U.S. Bank and/or U.S. Bancorp Investments and is designed to be educational and informative. The views are subject to change at any time based on market or other conditions and are current as of the date indicated on the materials. This is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide recommendations and/or specific advice concerning retirement accounts or investment planning. It is not intended to be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation.

U.S. Bank, U.S. Bancorp Investments and their representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

The factual information provided has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness.

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