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IRA

An Investment in Your Retirement

Whether you are just beginning to save for retirement or you already have a retirement plan in place — an Individual Retirement Account (IRA) can be a smart and easy way to save as part of your overall retirement plan.

IRAs combine two powerful forces — compounded interest and tax-deferred interest¹ — and are available in a variety of forms:

• Traditional IRAs allow your investment earnings to grow tax-deferred, so you pay taxes only when you withdraw funds. Plus, contributions made to your Traditional IRA may be tax deductible in the year they are made.¹
• Roth IRAs allow your investment earnings to grow tax-deferred, and all withdrawals are federal income tax and penalty-free, including earnings — assuming you are over 59 1/2 years old and your account has been open for at least five tax years when you make your withdrawals. Unlike Traditional IRAs, not everyone qualifies for a Roth, and contributions to Roth IRAs are never deductible.¹
• SEP and SIMPLE Retirement Plans are low-cost retirement plans for small businesses and the self-employed. If you are a small business owner, these types of IRAs may be right for you.

Rollovers

If you're about to retire or plan to change employers, you should consider rolling over the retirement savings in your employer's plan to an IRA account. An IRA Rollover allows you to move assets from your employer's plan into an Individual Retirement Account (IRA) without penalty, so your retirement assets can continue to grow on a tax-deferred basis.

IRAs also are available through Chevy Chase Financial Services.²

Learn More

Learn more about IRAs with our Investment Planning Guide, our Roth vs. Traditional IRA Comparison Chart or see our Frequently Asked Questions.

Ready to Start Investing in Your Retirement?

Open an IRA today. Call 301-987-BANK (2265), 1-800-987-BANK (out of area), or visit the Chevy Chase Bank branch nearest you.