Do yourself a favor and start saving for your retirement today. We’ll help you choose the best plan to reach your goals.
Key Features
-
Competitive Dividends
-
No Setup or Maintenance Fees
{openTab}
Make the most of your retirement savings by contributing the maximum yearly limit to your IRAs. For the current tax year, you can contribute until tax day of the following year. If you are over age 50, you can contribute additional “catch up” contributions.
Check out the IRS website for current contribution limits and deadlines.
To open or contribute to an IRA, please visit your local branch. Please consult your tax advisor or financial advisor with questions about your specific tax circumstances.
*Contribution amounts for future tax years are subject to change.
- No minimum deposit to open an IRA Savings
- Funds can be used to open Term Share Certificates within IRA plan
- $500 minimum deposit to open IRA Term Share Certificate
- Competitive dividends above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
When do you want to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.
Traditional IRA
- No income limits to open
- No minimum dollar amount contribution requirement
- No age limit on making contributions as long as you have earned income
- Contributions cannot exceed what has been earned in a current year
- Contributions are tax-deductible on state and federal income tax1
- Earnings are tax-deferred until withdrawal
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals – Required Minimum Distribution (RMD):
- Check out the IRS website for RMD guidelines and time frames
- RMD has to be withdrawn annually by December 31st to avoid tax penalty from the IRS
Roth IRA
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax-deductible
- Earnings are 100% tax-free at withdrawal1
- Principal contributions can be withdrawn without penalty after five years1
- Withdrawals on interest can begin at age 59½4
- Early withdrawals on interest subject to penalty2
- No mandatory distribution ages
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing a first home, etc.
3Consult a tax advisor.
4In sum, if distributions are taken from ROTH IRA earrings before meeting the five-year rule and before age 59½, be prepared to pay income taxes and a 10% penalty on your earnings. For regular account-owners, the five-year rule applies only to ROTH IRA earnings and to funds converted from a traditional IRA.