Roth vs. Traditional IRA: A Comparison

  Traditional IRA 
Roth IRA
Minimum to open

None

None

Account Fees & Minimums
Vary based on investment choices
Vary based on investment choices
Who Can Contribute
Anyone, at any age, with earned income or whose spouse has earned income

Anyone, at any age, with earned income or whose spouse has earned income

2024 maximum income $161,000 (filing single) or $240,000 (filing joint)

Contribution Limits - 2024

Filing Single - Under 50: $7,000

Filing Joint - Under 50: $14,000

Filing Single - Over 50: $8,000

Filing Joint - Over 50: $16,000

Filing Single - Under 50: $7,000

Filing Joint - Under 50: $14,000

Filing Single - Over 50: $8,000

Filing Joint - Over 50: $16,000

Tax Advantages

Contributions may be tax-deductible

Earnings remain invested tax-deferred

Taxes are due at the time of distribution/withdrawal

Contributions are made after-tax

Earnings remain invested tax-free

Qualified withdrawals are tax-free in retirement

Investments Products

Mutual funds

Stocks

Bonds

ETFs

Other

Mutual funds

Stocks

Bonds

ETFs

Other

Distributions

Earnings and tax-deductible contributions are taxed as ordinary income when withdrawn after age 59½

An annual Required Minimum Distribution must begin after age 73

Earnings may be withdrawn after age 59½ tax-free, provided the account has been open at least 5 years

Contributions can be withdrawn at any time without penalty

No annual lifetime Required Minimum Distribution

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How PNC Investments Does Business

Learn how PNC Investments does business, including our qualifications, business practices, fee schedules, and options for how you can work with us by reviewing our Client Relationship Summary, Overview of Products and Services and more. View Details