• Flexibility in choosing investment option and contribution amounts
  
• Ability to leave your assets to your beneficiaries of choice 
  
• Tax-deferred earnings until withdrawn
  
• Your contribution may be tax deductible
  

How it works: 

• Once you establish an IRA, you may contribute any amount up to your annual limit.
  
• Earnings accrue tax deferred on the investments within your IRA as you contribute year to year, increasing your IRA balance until you are ready to withdraw the money. 
  
• Once you reach the age 59½, you may withdraw as little or as much money as you want penalty-free until age 70½. After age 70½, you must take a minimum distribution each year. 

• Flexibility in choosing investment option and contribution amounts
  
• Ability to leave your assets to your beneficiaries of choice 
  
• Tax-free distributions (if qualified)
  
• No required minimum distributions
  

How it works: 

• Once you establish a Roth IRA, you can contribute any amount up to your annual limit.
  
• Since the money you contribute to a Roth IRA is already taxed, the distribution automatically comes out tax-free. 
  
• Earnings are tax-free if you’ve had a Roth IRA for at least five years, and you’re age 59½ or older. 
  
• You can access funds in your Roth IRA at any time, but if you distribute all of your assets before meeting the requirements, you may be subject to taxes on the earnings including an early distribution penalty tax.

• Allows contributors to make after-tax contributions of $2,000 per year for a child’s education until the child attains age 18
  
• Earnings remain tax-deferred while held in the ESA
  
• When the child uses ESA funds to pay for qualified education expenses, contributions and earnings are distributed tax-free. 
  
• Qualified education expenses include tuition & fees, books, supplies & equipment, room & board, computers and special needs services.