Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Give yourself more to work with in your golden years, not more years to work before you can retire. An IRA helps you retire at a timely age, including distinct tax-advantages* to help you get there faster.

We offer several convenient options to put your retirement plan in motion, with both traditional and Roth IRAs available. It's cash to spend when the right time comes. So you can spend your retirement on your terms.

Summary

Individual Retirement Account Essentials:

  • Tax-advantaged retirement savings*
  • Competitive interest above standard savings interest rates
  • Traditional, Roth, and SEP IRA options
  • Coverdell Educational Savings Accounts (ESAs) also available
  • No setup fees
  • No monthly or annual maintenance charges
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Fixed and variable rate IRAs available
  • $2000 minimum deposit to open

*Consult a tax advisor.

Traditional vs. Roth IRAs

Compare Traditional IRAs Vs. Roth IRAs

Traditional and Roth IRAs each help you save for retirement. But they're taxed in different ways. Compare traditional vs. Roth IRAs below. Then consult a tax advisor to determine which type of IRA is right for you and your family.

Traditional IRA

  • Flexible contribution options available
  • Contributions are eligible to be tax-deductible*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals begin at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals can begin at age 59½ penalty-free
  • Early withdrawals subject to penalty**
  • No mandatory distribution age
  • No contribution age limit as long as you have earned income

*Subject to certain conditions. Consult a tax advisor.

**Certain exceptions apply. Consult a tax advisor.

***IRS changes figures annually. Consult a tax advisor.

Simplified Employee Pension

Simplified Employee Pension Essentials:

  • Small business employer makes contributions as retirement plan for their employees
  • Account holder must have earned income and file a tax return
  • Must be under age 70½
  • No minimum age to open
  • Contribution limits and can make contribution up to April 15 for previous year as long as they have not filed tax return yet for that year
  • Contributions are deducted and earn tax-deferred income
  • Types of contributions can be regular, spousal, rollover, direct rollover, re-characterization, or transfer
  • IRA penalty free distributions after age 59½
  • Distributions before age 59½ subject to IRS penalty and bank penalty if withdrawn before maturity
Coverdell Educational Savings

Coverdell Educational Savings Essentials:

  • Tax-free* educational savings account for children up to age 18
  • Used for qualified educational expense, includes any level of education
  • No age limit for those who contribute to CSA on behalf of the minor
  • Contributor does not have to have earned income
  • If contributor has earned income, it cannot exceed maximum modified Adjusted Gross Income (MAGI) for eligibility to contribute to CESA
  • Contributions for special needs children may continue after minor reaches age 18

*Consult a tax advisor.

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