IRA​​​​​​​​​​​​​​​​​​​​​​​​​​​​​s

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Plan retirement with a plan that works for you.

An Individual Retirement Account (IRA) puts you in charge of your retirement savings. Whether you’re a small business owner, a non-working spouse or you are simply looking for a convenient retirement solution, Comerica has an CD-IRA option to fit your unique situation. Comerica CD-IRAs provide investment alternatives with flexible terms, competitive rates and customized CD deposit options.

Personal Contributors, consider an IRA if:1,2,3
  • Your employer doesn’t offer a retirement plan such as a 401(k) 
  • You have a non-working spouse and would like to make a retirement contribution for him or her
  • You’re already saving in your 401(k) at work and would also leverage your retirement growth tax benefits
  • You’re changing jobs and need to move your savings from your former employer’s retirement plan (including your 401(k))
  • You have maxed out your 401(k) and would like to save an additional amount in an IRA
  • You want to save for retirement with the option to make penalty-free withdrawals for certain qualified expenses3

Small Business Owner Contributors, consider an IRA for your employees if:1,2,3
  • You have a limited number of employees and want to offer them a retirement plan 
  • You want your business to offer contributions to your employees’ retirement accounts 
  • You are self-employed and want to invest in your retirement with tax-deferred options and/or tax-deductible contributions 
  • You are self-employed or a small-business owner with variable income and want to maximize your retirement contributions when you’re most lucrative 
  • You want to avoid all the paperwork and administrative costs of a 401(k) plan

Traditional

Experience a rewarding retirement

Make your money work just as hard as you do with a Traditional CD-IRA. It’s a straightforward retirement tool that will help you maximize your investment and get the most out of your money. Tax advantages help you maximize your savings, and competitively priced CD rates help you earn more. Start investing today for a great retirement tomorrow.

Your earnings1,2

  • Accumulate tax-deferred 
  • Your earnings are not taxed until withdrawn from the account and could realize a lower tax rate dependent on your income at the time of withdrawal 
  • Can be rolled into your principal

Your contributions1,2

  • May be tax-deductible 
  • May qualify as an IRA Transfer or an IRA Rollover (and not count toward the annual maximum) 
  • Are FDIC insured up to the maximum allowed by law 
  • May include additional catch-up contributions after age 50 
  • May be withdrawn IRS penalty free for certain qualified expenses, such as a first-time home purchase 
  • Annual limits may be adjusted by IRS for AGI and cost of living 
  • May stop at age 70 1/2, even if you are still employed
  • Will earn interest at competitively priced rates

Your distributions1,2

  • Are required after age 70 ½ 
  • Are eligible for Federal Withholding 
  • May be eligible for State Withholding3 

Spousal IRAs are available for non-working spouses2 
Traditional IRAs may be transferred to Roth IRAs1,2

Roth

Invest in a tax-free retirement

When you pay taxes on Roth CD-IRA contributions up front, you’ll reap the benefits throughout your retirement. Simply fund the Roth CD-IRA with after-tax dollars in exchange for tax-free earnings on your Roth CD-IRA investments and no federal income tax on qualified distributions (under current federal law)1. If you expect your earnings potential to grow into your retirement, a Roth CD-IRA might be the perfect solution for you.

Your earnings1,2

  • Accumulate tax-free
  • Can be rolled into your principal

Your contributions1,2

  • Are made with after-tax dollars 
  • Can continue past 70 ½ if you are still earning income 
  • May include additional catch-up contributions after age 50 
  • Will earn interest at competitively priced rates
  • Are FDIC insured up to maximum allowed by law 
  • May be withdrawn IRS penalty-free and tax-free for qualified expenses, which could include a first-time home purchase 
  • Annual limits may be adjusted by IRS for AGI and cost of living
  • Could qualify as an IRA transfer or rollover  (and not count toward the annual maximum)

 Your distributions1,2

  • Can begin potentially tax-free at 59 ½ 
  • Are not required to meet a minimum annual threshold

Spousal IRAs are available for non-working spouses2
Traditional IRAs may be transferred to Roth IRAs1,2

SEP

Establish your pension. Plan your retirement.

These days more and more people are choosing the flexibility of working for themselves or owning a small business. That’s why Comerica offers a Simplified Employee Pension (SEP). It’s a great retirement solution for you if you’re self-employed or a small business owner and looking for a no-fuss retirement plan with minimal IRS filing and paperwork.1

Your advantage1,2

  • The account is designed for those with variable earnings and variable cash flow 
  • The account is easy to establish and maintain 
  • The account is low-cost 
  • Minimal IRS filings and paperwork 
  • Flexible employer contribution limits 
  • Requires no commitment to contribute for any years in the future 
  • Receive Annual Statements and Annual tax notices 
  • Receive distributed maturity notices 

Your employees' earnings1,2

  • Accumulate tax-deferred 
  • Your earnings are not taxed until withdrawn from the account and could realize a lower tax rate dependent on your income at the time of withdrawal 
  • Can be rolled into your principal

Your contributions1,2

  • Have more flexible limits than a Traditional IRA or Roth IRA 
  • May be tax deductible 
  • Do not count toward your employees’ gross income 
  • Annual limits may be adjusted by the IRS for cost of living 
  • Will earn interest at competitively priced interest rates
  • Are FDIC insured up to the maximum allowed by law

Your distributions1,2

  • Are required after age 70 ½ 
  • Are eligible for Federal Withholding 
  • May be eligible for State Withholding3

SIMPLE

Simple plan. Great retirement.

Comerica knows that a lot of self-employed people and small business owners with fewer than 100 employees are looking for a straightforward retirement solution. With the start-up and operating cost of a more traditional plan, our SIMPLE (Savings Incentive Match PLan for Employees) CD-IRA is the perfect answer. It’s easy to establish and maintain with fewer administrative requirements.

Your advantage1,2

  • Minor administrative requirements compared to a 401(k) 
  • Easy to establish and maintain 
  • Ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan 
  • Plan does not have the start-up and operating costs of a conventional retirement plan 
  • Employees share responsibility for their retirement 
  • Employers must contribute, employees may contribute to the same plan 
  • 100% employee vesting 

Your employees’ earnings1,2

  • Can fund the same account
  • Accumulate tax-deferred 
  • Are not taxed until withdrawn from the account and could realize a lower tax rate dependent on their income at the time of withdrawal 
  • Can be rolled into principal or paid out via several distribution options 

You and your employees’ contributions1,2

  • Will earn interest with competitively priced CD interest rates 
  • Employer is required to contribute to the plan each year 
    • Either a matching contribution up to 3% of employee compensation 
OR
    • A 2% non-elective contribution for each eligible employee, subject to IRS limitations 
  • Have pre-tax benefits 
  • Have higher limits (in today’s tax environment) than a Traditional or Roth IRA 
  • Are FDIC insured up to the maximum allowed by law
  • Annual limits may be adjusted by the IRS for cost of living

Your employees’ distributions1,2

  • Are required after age 70 ½ 
  • Are eligible for Federal Withholding 
  • May be eligible for State Withholding3

Rates

Minimum opening deposit for an IRA is $500.

Terms and rates for IRAs reflect our CD rates for both fixed and flexible terms. You can find more detail here.

Get Started with you IRA today

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