Traditional IRA

ROTH IRA

Minimum Age To
Qualify

No minimum age (however Midland National requires IRA annuitant/owner to be Age of Majority in resident state)

No minimum age (however Midland National requires IRA annuitant/owner to be Age of Majority in resident state)

Service Requirement

You must have earned income

You must have earned income

Contribution Limit
(Without 50+ Catch Up)

$3000 years 2003 -2004;
$4000 years 2005 -2007;
$5000 year 2008;
Cannot contribute more than
earned income

$3000 years 2003 -2004;
$4000 years 2005 -2007;
$5000 year 2008;
Cannot contribute more than
earned income

Catch-Up Contribution
(For Participants
Age For 50+)

$500 in years 2003-2005;
$1000 thereafter

$500 in years 2003-2005;
$1000 thereafter

Deductibility

Deduction is allowed if you are not an
active participant in an employer-sponsered plan If you are an active participant in an employer-sponsered plan, your income
will be subject to the phase-out chart.
(see IRA section)

N/A since Roth contribution consists
of after-tax money

Minimum Contribution
Age

Contribution cannot be made in the year
you attain age 70 1/2

No maximum age for contribution
(provided you have earned income)

Annual Contribution Deadline

Contribution must be postmarked by the due date of tax returns. (Typically April 15th)

Contribution must be postmarked by the due
date of tax returns. (Typically April 15th)

Required Minimum Distributions

Required Minimum Distributions must
begin by April 1 of the year after
participant attains age 70 1/2.

No Required Minimum Distribution while
Roth IRA owner is alive