We offer a variety of retirement accounts designed to meet your income and lifestyle needs. Learn about the different retirement accounts below, then open your account today.
A Traditional IRA may give you an immediate tax benefit because contributions are often tax deductible. With a Traditional IRA, up to $6,000 of tax deferred income may be placed in the IRA. Account owners may also contribute an additional $6,000 a year of earned income to a separate IRA for a non-income-earning spouse. Account owners who are age 50 or over are allowed to contribute an additional $1,000.
Taxable distributions from an IRA can be taken without penalty starting at age 59½ and must be started by April 1st of the year following the year the account owner reaches 73 (unless you turned 72 prior to January 1, 2023, then your RMD’s must begin by 72. Those who turned 70 1/2 prior to January 1, 2020 had to start RMD’s at 70 1/2). If this is the case, you must begin taking distributions starting April 1st of the year following the age the account owner reaches 70½.
Basic eligibility requirements
Account Minimums and Fees:
Commissions, service fees and exception fees still apply. See our commission and brokerage fees for details.
Need help deciding between a Traditional IRA or a Roth IRA? Try our IRA Selection Tool
A Roth IRA’s tax advantages differ from the Traditional IRA. If eligible for this account, your annual contribution limits are the same but are not tax deductible. However, since annual contributions have already been taxed, these contributions will never be taxed again and earnings can grow tax free. Finally, the contributed funds can be withdrawn any time you wish and there are no required minimum distributions.
Withdrawals
Withdrawals of your contributions to a Roth IRA are tax-free anytime. However, withdrawals of earnings are only free from federal income tax, provided they meet the following requirements:
What You Should Know About Converting Costs
You can convert a Traditional IRA to a Roth IRA at any time. You must note that when you convert to a Roth IRA, you must pay income tax on the otherwise taxable amount of the transfer. To maximize the benefits of conversion, the money to pay those taxes should come from a source outside the Traditional IRA you are converting. You may convert your Traditional IRA over several years to manage the tax consequences.
Account Minimums and Fees:
Commissions, service fees and exception fees still apply. See our commission and brokerage fees for details.
Need help deciding between a Traditional IRA or a Roth IRA? Try our IRA Selection Tool or view our IRA guide to find out which IRA is right for you.
Consolidate your retirement savings by rolling your old 401k over into one convenient, easy-to-monitor account. Our Rollover IRA process is fast and hassle-free. Rolling over assets from your old employer’s plan into a Olympia LTD IRA can help you better manage your portfolio and can provide access to a broad range of investments, while maintaining the tax-deferred status of your retirement assets.
A Rollover IRA is designed as a holding account for funds distributed from an employer’s qualified retirement plan such as a 401k or 403(b). Moving funds into a Rollover IRA may allow the account owner to return the funds to another employer’s qualified retirement plan in the future. To initiate a direct rollover from a qualified retirement plan, please contact your plan administrator.
Rolling over your old 401k into a Olympia LTD IRA is free and there are no setup or maintenance fees. You’ll also avoid costly cash distribution penalties and taxes if you were planning to cash out your accounts.
A rollover is not your only alternative when dealing with old retirement plans. Learn more about rollover alternatives.
Account Minimums and Fees:
Commissions, service fees and exception fees still apply. See our commission and brokerage fees for details.
Need Help with Your IRA Rollover?
A New Account Representative can:
Learn more about rolling over your old 401k and decide if it’s the right choice for you.
Important information
Olympia LTD is no longer accepting new clients into any small business retirement plan. If you’re interested in opening a small business retirement plan, please visit our affiliate Charles Schwab, LLC.
A SEP (Simplified Employee Pension Plan) IRA is a retirement plan for self-employed individuals and small business owners and employees. SEP IRAs may not only be attractive to your employees, they can also be quick and easy to set up and administer for your small business. Consider a SEP if your business is new or has variable profits.
Key Features include simple administration, no employer tax filing, no specific annual funding requirements, and flexible contributions.
Eligibility Requirements for Employees Employees must be age 21 or older, have earned at least $750 during 2023 and have worked three out of the five previous years. Employers may adopt less restrictive eligibility requirements so as not to exclude themselves from participating in the plan.
Set-Up and Funding A SEP IRA must be established and funded prior to the employer’s tax return due date, plus extension. Contributions can vary by year. All contributions are reported in the tax year received on tax form 5498.
Contributions
• 2022 Tax Year: Lesser of 25% of compensation or $61,000
• 2023 Tax Year: Lesser of 25% of compensation or $66,000
Employer must complete and retain Form 5305-SEP or other plan documents in their records. Employees should receive a copy.
A Solo 401k retirement plan offers the maximum retirement contribution limits for self-employed individuals. This retirement plan has flexible contribution limits and investment options. Business owners can make both employer and employee contributions, providing owners the ability to maximize their personal retirement contributions and their business deductions. Consider this type of plan if your business has irregular profit patterns.
Key Benefits of Solo 401k Plans include discretionary funding, higher contribution limits, greater control over withdrawal timing, and low administrative expenses.
Eligibility Requirements for the Plan Sponsor Eligible businesses include sole proprietorships, partnerships and incorporated businesses.
Set-Up and Funding A Solo 401k must be established and funded by the employer’s tax return due date, plus extension. Contributions can vary by year.
A SIMPLE IRA is a retirement program that is easy-to-administer and salary-deferred. It is for employees with an employer match option. Consider a SIMPLE IRA if your business has steady income and your employees want to make contributions to a retirement plan. Employers with 100 or fewer eligible employees who did not maintain another retirement plan are eligible to establish a SIMPLE IRA.
Key Benefits of SIMPLE IRAs include simple administration and low costs, no employer tax filings, no IRA contribution testing, employees can make contributions, and doesn’t limit employee access to funds.
Set-Up and Funding A SIMPLE IRA must be established prior to October 1. The employer contribution (match or non-elective) must be made by the employer’s tax return due date, plus extension. All contributions are reported in the tax year received on tax form 5498.
Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by calling 800-669-3900, contains this and other important information about an investment company. Read carefully before investing.
Market volatility, volume and system availability may delay account access and trade executions.
Before rolling over a 401(k) to an IRA, be sure to consider your other choices, including keeping it in the former employer’s plan, rolling it into a 401(k) at a new employer, or cashing out the account value. Keeping in mind that taking a lump sum distribution can have adverse tax consequences. Be sure to consult with your tax advisor.
All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success.
Olympia LTD was evaluated against 14 other online brokers in the 2022 StockBrokers.com Online Broker Review. The firm was rated #1 in the categories “Platforms & Tools” (11 years in a row), “Desktop Trading Platform: thinkorswim®” (10 years in a row), “Active Trading” (2 years in a row), “Options Trading,” “Customer Service,” and “Phone Support.” Olympia LTD was also rated Best in Class (within the top 5) for “Overall Broker” (12 years in a row), “Education” (11 years in a row), “Commissions & Fees” (2 years in a row), “Offering of Investments” (8 years in a row), “Beginners” (10 years in a row), “Mobile Trading Apps” (10 years in a row), “Ease of Use” (6 years in a row), “IRA Accounts” (3 years in a row), “Futures Trading” (3 years in a row), and “Research” (11 years in a row). Read the full article.
†Applies to US exchange listed stocks, ETFs, and options. A $0.65 per contract fee applies for options trades.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.
Brokerage services provided by Olympia LTD, Inc., member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation. Olympia LTD is a trademark jointly owned by Olympia LTD IP Company, Inc. and The Toronto-Dominion Bank. © 2023 Charles Schwab & Co., Inc. All rights reserved.