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Retirement & IRAs

Retirement & IRAs

Washington Trust offers both traditional and Roth IRA options. Created to encourage individuals to save for and manage their retirement, IRAs have the benefit of an interest-bearing investment, with the added bonus of potential tax deductibility, deferment, or even tax-free earnings.

Compare IRAs

Traditional IRARoth IRA
Who can contribute?Anyone with earned incomeDepends on modified adjusted gross income (MAGI)
How much can be contributed a year?Under age 50: Up to $6,000; Over age 50: Up to $7,000Under age 50: Up to $6,000; Over age 50: Up to $7,000
How does the account grow?Tax-deferred growthTax-free earnings
When can withdrawals begin without penalties?When owner is 59 1/2 years oldOnce a five-year holding period has been met along with other guidelines
Are the contributions deductible?All or part of the contribution is—if you qualifyContributions are never deductible
When is federal income tax due?Due upon withdrawal of earnings and deductible contributionsNo federal income tax
How long can contributions be made?Up to age 70 1/2As long as income is earned—even after age 70 1/2
When does the IRA need to be distributed by?Up to age 70 1/2Does not have a mandatory distribution age

* Beginning in 2009, the contribution limits are subject to Cost-of-Living (COLA) adjustments. Additionally, if you have attained age 50 1/2 or older by the end of your taxable year, you are eligible to make catch-up contributions.

Your selection depends on a few factors—for example: age, income and whether you're investing in an employer plan. Get started saving for retirement now—no matter what stage of life you are in.

Additional product information and details for Traditional Fixed-Rate IRA Additional product information and details for Fixed-Rate Roth IRA