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Individual Retirement Accounts (IRAs)


IRA Basics

What is an IRA?

Individual retirement accounts (IRAs) are accounts specifically set up to use during retirement by offering significant tax advantages. And the sooner you start, the longer your money has to grow.

Why invest in an IRA?

In retirement you may need as much as 100% of your current after-tax income (take-home pay) minus any amount you are saving for retirement each year. This makes it all the more important to start saving sooner rather than later, and an IRA can help you get started.

What’s the difference between
Roth and Traditional IRA?

The 2 most common types of IRAs are Traditional and Roth. Which one you choose (or qualify for) depends on your age, income, and financial goals. Savings IRAs from Bank of America and Investment IRAs from Merrill Edge® are available in both Traditional and Roth.

Find the IRA that's right for you: Traditional vs. Roth

Compare IRAs

Retirement solutions for your future

Planning for retirement?

Planning for retirement?

Looking for self-service IRA forms?

Transfer your IRA funds, change your beneficiaries or process your beneficiary distribution.
Trustee Transfer/Direct Rollover Form (PDF)
Transfer your IRA funds to Bank of America

Beneficiary Election/Change Form (PDF)
Specify or change beneficiaries for your IRA

Beneficiary Distribution Form (PDF)
Claim inherited IRA funds

Looking for other types of accounts?

Whatever your banking needs or savings goals, we’ve got you covered
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