Traditional and Roth IRAs ^top

Individual Retirement Accounts (IRAs) can be an important part of your retirement program. Often used to enhance employer and private retirement plans, these convenient savings tools represent an easy way to accumulate wealth.

ESL offers both the Traditional IRA and the popular Roth IRA. Share insurance limits are $250,000 for retirement accounts such as ESL's Traditional and Roth IRAs (Individual Retirement Accounts). The table below compares the major features of each and can help you decide which IRA is best for you.

  Traditional IRA Roth IRA
Tax-deductible contributions May be tax-deductible with specific eligibility requirements. Consult your tax advisor. Contributions are not tax-deductible.
Withdrawals Taxed as ordinary income. Tax-free and IRS penalty-free. Some restrictions apply. Consult your tax advisor.
IRS penalty-free withdrawals Penalty exceptions apply, including first-time home purchase and qualified education expenses. Penalty exceptions apply, including first-time home purchase and qualified education expenses.
Contribution age limit No contributions allowed after age 70 ½. No age limit.
Required minimum distributions May begin at age 59 ½ but must begin at age 70 ½. No required distributions prior to death.
Rollovers/conversions May convert to a Roth IRA if annual modified adjusted gross income is less than $100,000. May roll over distributions from qualified retirement plans. May roll over to another traditional IRA. May rollover to another Roth IRA.
Owners' Dividend* Balances are eligible for the Owners' Dividend* Balances are eligible for the Owners' Dividend*

If you would like to learn more about how your retirement plans may benefit from a Traditional IRA or a Roth IRA, call our Tele-Bankers at 585.336.1000 or 800.848.2265. You also can get more information at an ESL branch near where you work of live.

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IRA Money Maker ^top

The more you save, the more you earn. That's how our five-tiered IRA Money Maker Account (IRA MMA) works harder for you. It's a secure, dependable way to save for your retirement because the dividends you earn are tax deferred. In addition, your IRA contributions may be fully or partially tax deductible (consult your tax advisor).

  • No minimum to open an account.
  • No monthly service fees.
  • Five tiered rates means the more you save, the more you earn.
  • It's a flexible account so you can move your money from your IRA MMA to an ESL IRA Certificate or other qualified retirement investment without any early withdrawal fees.
  • Available in Traditional, Roth, or Coverdell IRA accounts.
  • Balances are eligible for the Owners' Dividend*.

To open your ESL IRA Money Maker Account, call 585.336.1000, 800.848.2265, or visit an ESL branch near you.

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