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Summary

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.

Benefits

  • 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.

Traditional IRA

  • 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

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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.

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