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

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

In 2023, the maximum allowable contribution to your Individual Retirement Accounts (IRAs), encompassing both traditional and Roth accounts, stands at $6,500. For those aged 50 or older, this limit is elevated to $7,500.

Saving for the future is essential

Social Security benefits can be unpredictable and may not sufficiently cover your expenses after retirement. Hence, it’s prudent to diversify your retirement savings across multiple financial instruments. One effective option to consider is opening an annuity account at PNA, which allows you to set aside funds and watch them grow over time.

When choosing an annuity, consider the tax benefits that align with your financial goals. Do you prefer deferring taxes until retirement, or would you rather pay them now and enjoy tax-free withdrawals later? We recommend consulting with a tax professional or accountant to explore what best suits your situation and to help you select the optimal annuity.

Remember, it’s never too early to start planning for retirement. By beginning now, you can make manageable contributions that fit your budget and steadily build your financial security. At PNA, we’re dedicated to guiding you through this process and ensuring you have a comfortable retirement. Start today and take a step towards securing your future.

Secure your golden years with confidence! PNA presents you with two powerful options to pave your path to a serene retirement: our Traditional IRA and Roth IRA accounts. Each one is a fantastic vehicle for your long-term savings journey, but which one will complement your financial landscape the best?

Before you decide, tap into the wisdom of your tax specialist to aid in tailoring a plan that fits like a glove. Then, with insights in hand, dial PNA at 800-621-3723.

Our attentive experts are ready to assist you in making an enlightened choice that aligns perfectly with your retirement aspirations. Don’t let another day slip away. Reach out to PNA and take control of your retirement destiny today!

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?