Individual Retirement Account (IRA)
Retirement is something to look forward to — especially if you have a financial plan in place. Our traditional and Roth options offer a tax-advantaged safe place for setting aside for your ideal retirement. Take advantage of interest above standard savings and no setup or service fees — putting you that much closer to that perfect spot on the fishing pier.
- Save for retirement
- Competitive interest above standards savings rates
- Traditional and Roth IRAs available
- No setup or service fee
- Annual contribution limits apply
- Additional $1,000 “catch-up” contribution allowed for ages 50+
- Funds can be used to purchase certificates of deposit (CDs) within IRA
- Certain tax advantages*
- Penalty for early withdrawal
- $500 minimum to open
- Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences 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.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 ½
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are 100% 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- Principal contributions can be withdrawn without penalty*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.
Secure your future. Apply for an IRA today!