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Individual Retirement Accounts

Don't stress retirement — spend your golden years doing what you love to do. An IRA can help you secure your retirement with tax-advantaged* savings.

Choose between our traditional or Roth options, depending on your needs. Either way, you'll enjoy a competitive rate that's higher than standard savings rates.

Benefits
  • Save for retirement with tax-advantages*
  • Traditional or Roth options available
  • Earn competitive interest at a higher rate than standard savings
  • No monthly or annual service fees
  • No setup fees
  • Annual contribution limits apply (see current contribution limits)
  • Additional "catch up" contribution allowed for members age 50 and better
  • Deduct contributions from your paycheck, checking, or savings
  • Early withdrawal penalties may apply
  • $1,000 minimum deposit to open

*Consult a tax advisor.

**As of tax year 2014.

Traditional vs. Roth

Depending on your retirement goals, you may want to open a traditional IRA or a Roth IRA. We can help you find which IRA is right for you — simply contact us or stop by one of our locations for answers to your IRA questions.


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  • Principal contributions can be withdrawn without penalty* Withdrawals on interest can begin at age 59 ½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.

Phone (912) 564-7390