Self-Directed IRA (SDIRA)

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What type of IRA is right for you?

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Traditional IRA vs. Roth IRA

There are perks to both traditional and Roth IRAs. One of the biggest differences is the time at which you enjoy your tax advantage. A traditional IRA can provide tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.¹

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax²
• Earnings are tax deferred until withdrawn (when usually in a lower tax bracket)
• Withdrawals can begin at age 59½
• Early withdrawals subject to penalty³
• RMDs at age 73

Roth IRA

• Income limits to be eligible to open Roth IRA¹
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal²
• Principal contributions can be withdrawn without penalty²
• Withdrawals on interest can begin at age 59½
• Early withdrawals on interest subject to penalty³
• No RMDs
• No age limit on making contributions as long as you have earned income

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¹We recommend you consult a tax advisor and review IRS Publication 590-A for information on IRA contributions.

²Subject to some minimal conditions. Consult a tax advisor.

³Certain exceptions apply, such as healthcare, purchasing first home, etc.

Inherited IRA & Beneficiary IRA

An inherited IRA, also known as a beneficiary IRA, is an account that’s opened when an individual inherits a retirement plan after the original owner dies. The individual inheriting the IRA (the beneficiary) can be anyone designated by the account owner — a spouse, a relative, or an unrelated party.

A beneficiary can open an inherited IRA using funds from any type of IRA — including traditional, Roth, rollover, SEP, and SIMPLE IRAs. Assets held in the deceased’s IRA must be transferred into a new inherited IRA in the beneficiary’s name.

Inherited IRAs can be opened as traditional or Roth IRAs, which means taxes on withdrawals are treated accordingly. However, as a beneficiary, you cannot make additional contributions to an inherited IRA. 

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Custodial IRA

It’s never too early to start saving for your child — and an IRA is an ideal vehicle. An IRA for a minor is set up as a custodial IRA account by a parent or other adult. Traditional and Roth IRAs are both options for custodial IRAs.

Any child of any age can contribute to an IRA if they have earned income. Family and friends can contribute too, as long as they don't exceed the amount of the child's earned income.

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Business Retirement Accounts

SEP IRA

A SEP IRA is an employer-sponsored retirement plan that can be set up by sole proprietors, partnerships, and corporations. SEP IRA annual contribution limits are higher than those for traditional IRAs.

Employers, not employees, can make contributions to SEP IRAs. Employees manage the investment decisions of their SEP IRAs within the limits set up by the plan’s trustee.

SIMPLE IRA

A SIMPLE (Savings Incentive Match Plan for Employees) IRA is a retirement savings plan available to most small businesses with 100 or fewer employees.

SIMPLE IRAs require minimal paperwork. Setup and maintenance costs are low, and employers get a tax deduction for contributions they make for employees.

Pacific Premier Trust encourages you to speak with a tax advisor and/or financial advisor about your particular situation.

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