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Retirement Savings

 

Whether retirement for you means traveling the world or spending more time with your family, saving the money you'll need is a giant task. Maximize your retirement savings by working with an RBC banking representative. Compare the Individual Retirement Accounts (IRAs) offered here, and talk to your representative about other investments and wealth management services offered through other RBC companies.

Rollover IRAs

Better manage your retirement savings by consolidating plans from former employer 401(k)s and any other personal retirement accounts you may have into one IRA.

Traditional IRAs

A traditional IRA is one of the best ways to save for your retirement. You can contribute to a traditional IRA regardless of your income, and you will still be eligible to participate in an employer's retirement plan. Depending on your income, your contributions may qualify for a tax deduction, and your money will grow tax free until you make a withdrawal. To avoid penalties, wait until you reach age 59 ½ to crack open your nest egg, or talk to a bank representative about other circumstance-specific exceptions.

Roth IRAs

While similar to Traditional IRAs, contributions to a Roth IRA are not tax deductible. However, a Roth IRA lets you withdraw your earnings tax free when you're eligible. While the specific rules can change, in general, a Roth IRA has no age limits on contributions and you are never required to take distributions. Talk to a bank representative to learn more about how IRAs can work for you.

Which IRA is right for me?

Traditional IRA
Roth IRA
Does my income level affect my eligibility?
No
Yes
Are my IRA contributions tax deductible?
Yes, depending on income
No
If I have a retirement plan at work, can I still open an IRA?
Yes
Yes
Do I pay taxes on interest as my investment grows?
No
No
Will I pay taxes when I withdraw funds after I retire?
Yes
No
Can I contribute to the IRA regardless of my age?
No
Yes
Do I have to take money out of my IRA at a certain age?
Yes,
age 70 ½
No
Can I roll over money from a 401(k) to this IRA?
Yes
Yes


RBC Retirement Services

Take your retirement savings to the next level with the investments and wealth management services offered through RBC. Our brokers will meet with you, one-on-one, and help you evaluate your personal financial situation and preferences. As a result, you will receive a strategic investment plan custom designed to match your lifestyle and goals.