Individual Retirement Accounts (IRAs)

• Competitive dividends above standard savings rates
• Traditional and Roth IRA options
• No setup fees
• Avoid the $20 annual maintenance fee by meeting two of the following qualifications:
  • Have an active debit card (used within 30 days)
  • Have an active credit card (used within 30 days)
  • Have a loan of any kind
• $5,500 contribution limit per year
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• Funds can be used to purchase CDs within IRA
• $100 minimum deposit to open

*Consult a tax advisor.

When would you like to enjoy your tax advantages? 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 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 59½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at age 70½ 

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• Principal contributions can be withdrawn without penalty*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 59½
• 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.