Traditional & roth IRA plans

Grow your savings
and tax-free retirement withdrawals

Whether you choose a traditional individual retirement account (IRA) or Roth IRA, they both offer tax-advantaged ways to save for retirement. First and foremost, the concept of any retirement account is to set aside your financial resources and money for when you are no longer producing income. In other words, for retirement.

PNA Annuities


Traditional IRA (Individual Retirement Account) is an individual retirement account that allows you to make contributions on
a pre-tax basis and pay no taxes until you withdraw the money.

Roth IRA

A Roth IRA (Individual Retirement Account) is a retirement savings account that allows you to contribute to it with after-tax dollars.

Who is eligible?

Traditional IRA

Anyone under age 72 with earned income, regardless of income level. A non-working spouse may also contribute up to the maximum amount allowable, as stated above.

Roth IRA

Anyone with earned income can open a Roth IRA. There are income limitations for holding
a Roth IRA and contribution limits for individuals over 50.


2023 Contribution Limits

Max Annual IRA Contribution

$ 0

Max Annual Contribution and *Catch-up Contribution

$ 0
*Individuals who attain the age of 50 before the end of the taxable year are eligible.

For 2023 the maximum amount you can contribute to all your IRAs—traditional or Roth—is $6,500 and $7,500 if you’re age 50 or older.

Saving for the future is essential

There are no guarantees about how much money you will receive from Social Security once retired and whether it will or won’t be enough
to supplement other sources of savings to sustain your living. Therefore, a sound retirement strategy is always to save in multiple financial vehicles. PNA annuities can become one of them. A PNA annuity is a great tool for setting money aside and allowing funds to grow. The question is, which annuity is right for you?

Think for a second about which tax advantage you prefer. Would rather put off paying taxes on your savings until you retire, or choose to get it over with and pay taxes on your savings immediately? The right thing to do is consult your accountant or tax specialist and learn what makes sense for you. Then, choose an annuity account that meets your needs.

Despite your choice, one thing is sure; you must start thinking about your future today. The sooner you start, the better off you’ll be once you retire.
You can start small and make contributions that agree with your budget, but the main point is to start now. PNA is here to help.

PNA offers a traditional IRA and Roth IRA retirement account that allows you to make the right choice. Both are great long-term savings tools, so call your tax specialist first, and give PNA a call at 800-621-3723 to make an informed decision that best fits your retirement goals.

Frequently Asked Questions

What are the tax advantages?

Traditional IRA

  • Tax-deferred investment growth.
  • Income taxes are not paid on deductible contributions and earnings until money is withdrawn. 

Roth IRA

  • After-tax contributions with potential for tax-free income in retirement.
  • No required minimum distribution.
  • If the account is at least five years old and you are age 59 1/2. 

What are the withdrawal rules?


Traditional IRA account allows you to make contributions on a pre-tax basis and pay no taxes until you withdraw the money.

  • Starting at age 72, you’ll have to start taking required minimum distributions (RMDs) annually from your traditional IRA.
  • Those withdrawals are taxed as standard income.
  • If you withdraw the money before age 59½, you may be subject to a 10% early-withdrawal penalty and state-tax penalties. 


Roth IRA

Roth IRA account allows you to withdraw contributions anytime for any reason without tax or penalty*.

  • You won’t have annual RMDs
  • You can withdraw contributions to a Roth account anytime, tax- and penalty-free
  • Once you have had your account for at least five years or you meet certain other conditions* you can withdraw your earnings tax-free after age 59½. Otherwise, you must pay taxes and penalties on them.

Are roll-overs and transfers permitted?


You may transfer to and from other IRAs. You may roll over from employer plans (not-taxable).

Roth IRA

You may transfer to and from other Roth IRAs (non-taxable).

You may roll over from employer plans (taxable).

What is a Trustee-to-Trustee IRA Transfer?

Transfer your IRA Balances from one financial institution to another without triggering income tax consequences. PNA can help you with the process.

When an IRA Balance is transferred directly from one trustee to another,
the transfer is tax-free because there is no distribution.

How Is Your Money Protected?