Individual Retirement Accounts (IRAs)

• Tax-advantaged savings for retirement¹
• No setup fees
• No monthly or annual maintenance fees
• Rollover 401K funds
• Flexible term certificates from 6 months to 5 years
• Ability to make monthly contributions
• Payroll deduction available
• Traditional and Roth IRA options
• $500 minimum deposit to open IRA term certificate

¹Consult a tax advisor.

One of the biggest differences between a traditional IRA and a Roth IRA is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement. 

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• Contribution limits apply¹
• Contributions are tax deductible on state and federal income tax²
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 70 ½

¹Refer to the IRS website for current limits.

²Consult a tax advisor. 

Roth IRA

• Contribution limits apply¹
• Income limits to be eligible to open Roth IRA²
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal²
• Principal contributions can be withdrawn without penalty
• Withdrawals on dividends can begin at age 59 ½
• Early withdrawals on dividends subject to penalty³
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

¹Refer to the IRS website for current limits.

²Consult a tax advisor.

³Certain exceptions apply, such as healthcare, purchasing first home, etc.