Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Summary

Line your future pockets when you plan for your retirement today. An Individual Retirement Account provides a tax-advantaged* place to save. The sooner you get started, the more likely you can retire on time.

We offer both traditional IRAs and Roth IRAs, whether you're starting your first IRA, or rolling over another qualified plan such as a 401k. Let us help you get to where you'd rather be, so you aren't stuck working well into your golden years.

Individual Retirement Account Essentials:

  • Tax-advantaged* retirement savings
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options available
  • No set-up fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 contribution allowed for ages 50+
  • Certificates of deposit available to open within IRAs
  • Penalties for early withdrawal apply
  • $2,500 minimum deposit to open

Check out our current rates.

*Consult a tax advisor.

Traditional vs. Roth IRA

Compare traditional IRAs vs. Roth IRAs below to see which type of IRA can suit your needs. Each offers distinct tax-free* or tax-deferred* benefits. Consult a tax advisor to determine the appropriate retirement strategy for your family.

Traditional IRA:

  • No income limits to open
  • No minimum contribution in any year
  • 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  • Principal contributions can be withdrawn without penalty*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.