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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Education & Insights

No matter your life stage, managing your personal finances is one of the most important things you can do. Whether buying a home, paying off student loans, or tackling some other financial feat, the information here can help you along the way.

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What You Need to Know: The Secure Act and Inherited IRAs

Traditional IRAs allow individuals to make annual contributions on a pre-tax or after-tax basis, subject to certain limitations. The balances grow on a tax-free basis and are generally taxable when distributions are required to begin at the age of 72 based upon life expectancy factors issued by the IRS.  Roth IRAs allow individuals to make contributions on an after-tax basis, and if certain rules are met, future distributions will be free of tax. In addition, Roth IRAs do not require the IRA owner to take minimum distributions during their lifetime, although minimum distributions are required for beneficiaries inheriting Roth IRAs. 

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