Individual Retirement Accounts (IRAs)

Lighten the load on your personal retirement savings with an IRA account from Lampco. With different options available, Lampco savings experts will help you find the right IRA option for you and your needs.

Spend your golden years the way that you want to — without worrying about money. Apply for an IRA with Lampco today!

Details
  • Save for retirement with tax advantages*
  • Earn competitive dividends higher than standard savings
  • Traditional and Roth options available
  • No annual fees or setup fees**
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • No minimum balance requirements
Traditional vs. Roth

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Prepare for qualified medical expenses
  • Income limits to be eligible to open Roth IRA*
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59 ½
  • Early withdrawals on dividends subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Consult a tax advisor.

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