Insurance products and plan administrative services provided through Principal Life Insurance Co.
Securities offered through Principal Securities, Inc., 800-547-7754, member SIPC.
You contribute using after-tax money (taxed based on your income at the time of contribution), without deducting those IRA contributions from your taxes. Your account must be open for 5 years and you must be over age 59 ½ to be eligible for qualified tax-free withdrawals.
Available as either a Traditional or a Roth IRA, our IRA Savings helps you save for retirement by making regular contributions that match your budget.
Both IRA accounts are FDIC-insured and at Citizens, there's no bank penalty for early withdrawal.
You deduct your IRA contributions from your taxes in the year you made the contributions, which lowers your taxable income for that year.
You then pay taxes on the money when you withdraw it in retirement (based on your income at the time of withdrawal).
Traditional IRAs are tax-deferred, which simply means you generally won't pay taxes on the money in your IRA until you start withdrawing it.
At that time, the money you take out of your IRA will be taxed just like regular income.Rolling over your savings from an employer retirement plan (like a 401(k) from a past job) into an Individual Retirement Account (IRA) can make managing and monitoring your investments easier.Conditions and limitations may apply As part of the Principal Rollover Plus program, you have the option to receive educational help from us on how you are doing with your financial goals.If you've already established retirement savings through an Individual Retirement Account, you may be ready to roll your contributions into an IRA CD, that will grow your funds with a fixed rate guarantee of return throughout your retirement.The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint.By providing a financial professional and/or check-in feature, we are not providing investment advice, undertaking an investment advisory relationship with you nor monitoring your investments for you.