Individual Retirement Accounts (IRA)
Whether you're just starting out or have been working for years, it's never too early or too late to start saving.
An IRA gives you tax-advantages* — you'll be more prepared for your golden years as your savings grow at a competitive rate.
- Secure your retirement with tax-advantaged* savings
- Earn competitive interest at a higher rate than a standard savings account
- Traditional and Roth options available
- No setup fee, annual fee, or monthly service fee
- Simplify saving with automatic contributions to your IRA
- Annual contribution limits apply (see current contribution limits)
- Additional "catch up" contribution allowed for people age 50 and better
- Early withdrawal penalties may apply
- $500 minimum deposit to open
*Consult a tax advisor.
- Traditional vs. Roth
Each IRA option offers different advantages. The biggest difference is when you see the advantage — a traditional IRA provides potential tax benefits today, while a Roth IRA has the potential for tax benefits when you retire. We'll be glad to discuss your retirement savings needs with you. Simply contact us or come visit us.
- No income limits to open
- No minimum contribution required
- Contributions are tax deductible*
- Earnings are tax-deferred until withdrawal (usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals begin at age 70 ½
- 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- Principal contributions can be withdrawn without penalty*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 on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.