Choose the type of account you want
You can choose to deposit your IRA contributions in a traditional savings account or in an IRA certificate of deposit (CD). See our current CD rates.
Make a tax-deductible contribution
As of 2023, you can contribute up to $6,500 a year to your IRA account if you're younger than 50. After that, you can contribute up to $7,500 a year. These contributions are tax-deductible at the time of contribution.
Avoid penalties for early withdrawal
You can withdraw your money from an IRA at any time—but if you're below the age of 59 and 1/2 years, you may be subject to additional tax penalties except in certain circumstances.
Start making withdrawals by age 72
Once you reach 72 years of age, you're required to receive a minimum distribution from your account every year. The exact amount will depend on your balance and your estimated life expectancy. Your IRA distribution is subject to state and federal taxes.