Individual Retirement Accounts (IRA)

Individual Retirement Accounts (IRAs)

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.

Benefits
  • 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.

Traditional IRA

  • 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

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  • Principal contributions can be withdrawn without penalty*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 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.