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  5. IRAs

IRAs

Get ahead of tomorrow today.

Plan retirement with a plan that works for you.

Finding funds to put toward tomorrow can be tough, especially with the financial challenges of today. Whether you’re saving with the help of your company or on your own, Comerica has smart retirement solutions to help you get ahead – including cost-effective options for small business owners.

Take control over your retirement savings.

And take them with you, no matter where you work. Flexible solutions let you control how you earn and pay taxes¹ on your savings, with options to make penalty-free early withdrawals and even set up an account for your spouse.

Traditional IRA¹

Take advantage of tax breaks up front, and make tax-deferred contributions to maximize your savings. A Comerica traditional IRA is a good choice for those who can’t contribute to a work-sponsored retirement plan and includes competitively priced CDs to help you save even more.

Earnings1, 2 accumulate tax-deferred and aren’t taxed until withdrawn – when you may realize a lower tax rate.

Contributions1, 2 may be tax-deductible and can be withdrawn penalty-free for certain expenses, such as a first-time home purchase.

Distributions1, 2 are required after age 72 and are eligible for Federal withholding and may be eligible for State Withholding³.

Roth IRA¹

Pay taxes on contributions up front, and make tax-free withdrawals later. A Roth IRA may work best if you anticipate being in a higher tax bracket at retirement or might want the flexibility to make early withdrawals. You can roll your traditional IRA into a Roth IRA at any time.

Earnings1, 2 accumulate tax-free and aren’t taxed at withdrawal – when you may realize a higher tax rate.

Contributions1, 2 can be withdrawn tax-free and penalty-free for certain expenses, such as a first-time home purchase.

Distributions1, 2 can begin at age 59½ and may be tax-free and are not required to meet a minimum annual threshold.

Minimum opening deposit for an IRA is $500. Spousal IRAs are available for non-working spouses2. Traditional IRAs may be transferred to Roth IRAs1, 2. 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

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

Help your employees save for retirement.

Planning for retirement is hard – and helping your employees get there is a huge benefit for both them and your company. Consider an IRA for your employees when you’re ready to invest, without all the paperwork and costs of a 401(k) plan.

SEP¹

Invest in your employees, and enjoy benefits in return. A simplified employee pension (SEP) lets your company contribute toward your employees’ retirement in exchange for tax deductions.

Explore this easy, cost-effective plan, perfect for small business owners or the self-employed. Enjoy total control, with flexible contribution limits and no commitment to contribute over future years.

Earnings1, 2 accumulate tax-deferred and aren’t taxed until withdrawn – when employees may realize a lower tax rate.

Contributions1, 2 are required by employees only, won’t count toward their annual gross income and may be tax-deductible.

Distributions1, 2 are required after age 72 and are eligible for Federal withholding and may be eligible for State Withholding³.

SIMPLE IRA¹

Help your employees grow their retirement funds by making contributions together. A SIMPLE IRA (Savings Incentive Match PLan for Employees) allows both employee contributions and employer-matched funds. This straightforward solution is perfect for small business owners with fewer than 100 employees looking to start a retirement savings plan without conventional startup costs.

Earnings1, 2 accumulate tax-free and aren’t taxed at withdrawal – when employees may realize a lower tax rate.

Contributions1, 2 are required by both employee and employer (either a matching contribution up to 3% of employee compensation or 2% nonelective contribution for each eligible employee).

Distributions1, 2 are required after age 72 and are eligible for Federal withholding and may be eligible for State Withholding³.

Minimum opening deposit for an IRA is $500. 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.
  • Terms and rates for IRAs reflect our CD rates for both fixed and flexible terms. You can find more detail here for details.

Find the IRA that’s right for you – or your employees.

Contact a representative at 800-589-1400, or visit a Comerica banking center.

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¹ Comerica Bank and its affiliates do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your specific situation
 
² Additional detail can be found in the Master Terms of IRA Custodial Accounts
 
³ State withholding is currently available in Michigan and California

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