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The tax-advantaged way to a more secure retirement

Get on track to a confident retirement with an Individual Retirement Account (IRA) from BMO Harris Financial Advisors. We offer a range of investment choices so you and your financial advisor can create a diversified retirement savings strategy geared toward meeting your individual goals. Ask a BMO Harris financial advisor how to roll over assets from an employer plan, transfer another IRA or open a new account.

Choose an IRA that meets your needs

IRAs offer unique benefits. whether you choose a Traditional, Roth, or a Simplified Employee Pension (SEP) IRA. A BMO Harris financial advisor can help you weigh the pros and cons of each type, and make the choice that's right for you.

Traditional IRA Roth IRA SEP IRA
Benefits
  • Defer taxes on your investment earnings until retirement.
  • Deduct contributions from your current taxes if you're eligible. See the Traditional IRA Deduction Limits.
  • Take penalty-free withdrawals before age 59½ for a first-time home purchase (up to $10,000) or qualified education expenses.
  • Make tax-free withdrawals during retirement.
  • Avoid required minimum distributions (RMDs), and maintain control of your retirement income.
  • Take penalty-free withdrawals before age 59½ for a first-time home purchase (up to $10,000) or qualified education expenses.
  • Set aside up to 25% of compensation and defer taxes on your investment earnings until retirement.
  • Open both a SEP and another IRA to maximize retirement savings.
  • Deduct contributions on the business tax return, up to IRS limits.
  • Take penalty-free withdrawals before age 59½ for a first-time home purchase (up to $10,000) or qualified education expenses.
Eligibility
  • Anyone under 70½ who earns income can contribute.
  • You can also make contributions on behalf of an unemployed spouse.
  • SEPs are available to any size business.
  • There are no filing requirements for employers.
Contribution Limits
  • $5,000 per year up to age 50
  • $6,000 per year from age 50-70½
  • No contributions allowed after age 70½

(If you earn less than these limits, your contribution is limited to your earnings)

  • $5,000 per year up to age 50
  • $6,000 per year after age 50

(If you earn less than these limits, your contribution is limited to your earnings)

  • 25% of compensation up to $49,000 (rising to $50,000 in 2012).
  • Employers must contribute equally for all employees.
  • Employer is always 100% vested.

Contact a Financial Advisor

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