Traditional IRA at Huntington Bancshares

A Traditional Individual Retirement Account (Traditional IRA) at Huntington Bancshares is designed to help you build retirement savings through tax-advantaged growth while providing flexibility in choosing how your funds are invested. This product description outlines the core features, benefits, eligibility considerations, investment choices, tax treatment, distribution rules, account management tools, and important considerations so you can evaluate whether a Huntington Traditional IRA fits your retirement plan.

Core features

• Tax-deferred growth: Earnings and gains within the account grow tax-deferred until you take distributions, which can improve long-term compound growth potential.
• Potential tax-deductible contributions: Depending on your income, tax filing status, and participation in an employer retirement plan, contributions to a Traditional IRA may be tax-deductible.
• Flexible contribution options: Make ongoing contributions, lump-sum deposits, or roll over eligible retirement assets from employer plans and other IRAs.
• Investment flexibility: Access a range of investment choices appropriate for a retirement account, including deposit products and market investments available through the bank’s retirement services platform.
• Beneficiary designation: Name one or more beneficiaries to ensure a smooth transfer of assets in the event of your death, consistent with IRS rules.
• Account consolidation: Combine eligible retirement assets in one account for easier management and clearer long-term planning.

Who is eligible

Individuals with earned income who meet IRS eligibility rules can open and contribute to a Traditional IRA. Contribution deductibility depends on your modified adjusted gross income (MAGI), tax filing status, and whether you (or your spouse) are covered by an employer-sponsored retirement plan. Annual contribution limits, catch-up contributions for eligible older savers, and other IRS rules apply and may change from year to year.

Investment options and account types

Huntington’s Traditional IRA is structured to accommodate both conservative savers and those seeking growth. Investment options commonly available within a Traditional IRA platform include:

• Deposit-based options such as savings and certificates of deposit for principal preservation.
• Mutual funds and exchange-traded funds (ETFs) for diversified exposure across asset classes, sectors, and regions.
• Individual stocks and bonds for investors who want direct security selection, where available through the brokerage portion of the platform.
• Target-date funds or managed portfolios for those who prefer a professionally guided allocation that automatically adjusts over time.

The specific mix of investments you choose should reflect your time horizon, risk tolerance, and retirement goals. Huntington provides tools and educational resources to help you evaluate appropriate asset allocations and to rebalance as needed.

Contributions, rollovers, and transfers

You can fund a Traditional IRA through regular contributions, transfers from other IRAs, or rollovers from eligible employer-sponsored retirement plans. Rollovers and transfers each have tax and reporting implications, so it is important to follow IRS rules and Huntington’s procedures to maintain the tax-deferred status of the funds.

Annual contribution limits are set by the IRS and may vary by year; catch-up contributions are typically available for eligible account holders above a specified age. Consult current IRS guidelines and Huntington’s account materials for the most up-to-date contribution rules.

Withdrawals, taxes, and required distributions

Distributions from a Traditional IRA are generally taxed as ordinary income in the year taken. Withdrawals made prior to the qualifying age for penalty-free distribution may be subject to an early withdrawal penalty in addition to ordinary income tax, although the IRS recognizes certain exceptions such as qualified higher education expenses, first-time home purchases (subject to limits), substantial medical expenses, and certain other circumstances.

Required minimum distributions (RMDs) begin at the IRS-specified age for traditional IRAs. The age at which RMDs must commence can change based on federal law; confirm the current RMD rules before planning distributions. Failing to take RMDs when required can result in significant tax penalties.

Fees, costs, and disclosures

Fees for a Traditional IRA can include account maintenance fees, custodial fees, transaction commissions (for certain investment types), fund expense ratios, and charges for optional advisory or managed account services. Huntington provides a fee schedule and prospectuses for investment products to help you understand the costs that may affect net returns over time. Always review fee disclosures before opening and funding an account.

Account management and tools

Huntington offers online and mobile account access for convenient management of your Traditional IRA. Common tools and services include:

• Secure online account access to view balances, transactions, and performance.
• Automated contribution and rebalancing options to maintain target allocations.
• Retirement planning calculators and educational content to model savings needs and income scenarios.
• Access to retirement specialists and financial advice options for guidance on investment selection, tax considerations, and distribution strategies.

Rollover and beneficiary planning

Rollovers from employer plans into a Traditional IRA can consolidate assets and simplify retirement income planning. Beneficiary designations are legally important documents that override wills for IRA distributions; keep them up to date to reflect your wishes. Plan for how IRA assets will be distributed to beneficiaries and consider tax implications for inherited accounts under current law.

Advantages and considerations

• Advantages: Tax-deferred growth, potential immediate tax deductions, broad investment choices, consolidation of retirement savings, and professional account support.
• Considerations: Contribution limits and deductibility rules defined by the IRS, potential early withdrawal penalties, required distributions at a specified age, fees and investment risks, and tax consequences for distributions and rollovers.

Next steps and important reminders

A Traditional IRA at Huntington Bancshares can be a foundational component of a long-term retirement strategy. Before opening an account, review current IRS rules for contribution limits, deduction eligibility, and required minimum distributions. Consider your time horizon, investment objectives, and tolerance for risk. If you need assistance, Huntington’s retirement services team and financial professionals can help you explore options that align with your goals.

This description is for informational purposes and does not constitute tax, investment, or legal advice. Consult your tax advisor, financial planner, or legal professional for personalized guidance tailored to your individual situation and for updates to federal rules and regulations that may affect IRA accounts.