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    IRAs can increase your retirement saving potential.

    IRAs and Your Retirement

    IRAs can be integral to an effective retirement and are a supplement to Social Security.

    The Benefits of IRAs

    By deferring taxes, an IRA has the potential to generate greater investment returns or greater retirement income than a similar non-retirement account.

    IRAs can be funded with rollovers from other IRAs and retirement plans, direct contributions or a combination of those. Traditional and Roth IRAs are commonly established and funded to consolidate assets from previous employers' retirement plans.

    IRAs, like employer retirement plans, are intended for long-term investing. So in exchange for their favorable tax status, there are some restrictions on using funds prior to retirement. Please be sure to consult a tax advisor for your situation.

    If you already have a Citi IRA, you can Sign on to make a contribution online.

    Traditional IRA Details

    • Individuals may contribute to both a Traditional and a Roth IRA in the same year
    • Total contributions cannot exceed $5,500 for 2016 or 2017. Individuals age 50 and older may contribute an additional $1,000 in both years
    • Earned income must be greater or equal to contribution amount
    • Contribution is tax-deductible if individual is not covered by an employer-sponsored plan
    • Contribution may be tax-deductible up to contribution amount if covered by an employer-sponsored plan, depending on Modified Adjusted Gross Income (MAGI)
    • Individuals can contribute to a Traditional IRA even if the contributions are not tax deductible
    • Earnings grow tax-deferred and are taxed as ordinary income upon withdrawal

    Roth IRA Details

    • Individuals may contribute to both a Traditional and a Roth IRA in the same year
    • Total contributions cannot exceed $5,500 for 2016 or 2017. Individuals age 50 and older may contribute an additional $1,000 in both years
    • Earned income must be greater or equal to contribution amount
    • Contributions are not tax-deductible
    • Earnings and withdrawals are tax-free when certain requirements are met

    Rollover Details

    Before You Act: Know the Rules on IRA and Retirement Plan Rollovers

    A rollover is the transfer of money from one retirement plan or account to another. Funds maintain tax-deferred status if rolled into another tax-deferred account.

    The benefits of a rollover should be weighed against the benefits of keeping your money with your former employer's plan.

    Investing is serious business

    Citi Personal Wealth Management offers IRA investment services with professional guidance.

    Learn More about Citi Personal Wealth Management.

    Citi gives you choices for your future

    From short term to long term plans, FDIC-insured IRA savings through Citibank can help you prepare.

    Learn More how to Make short- and long-term plans for your future.

    You are viewing Rates and Terms & Conditions applicable to a state other than where you live. These Rates and Terms & Conditions may differ from those applicable to your state of residence and will not apply to new accounts you open online. When you open your new account online, Rates and Terms & Conditions will be determined by your state of residence.

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