IRAs

Individual Retirement Accounts (IRAs)

It’s never too early to start planning your financial future. Let’s find the plan that fits your needs.

Key Features

• Competitive dividends

• Tax advantages*

• No setup or maintenance fees

Details

• Competitive dividends above standard savings rates

• Traditional IRA, Roth IRA, and Coverdell ESA available

• No setup fees

• No monthly or annual maintenance fees

• Additional $1,000 "catch-up" contribution allowed for ages 50+

• Funds can be used to purchase CDs within IRA

• No minimum deposit to open

• Consult a tax advisor to determine the best option for you

Traditional vs. Roth

Roth IRA

• You may qualify for a tax credit of up to $1,000 when you make a contribution.

• You can withdraw Roth IRA contributions at any time, tax and penalty free.

• Any earnings are tax-deferred (you do not pay tax on the earnings until you withdraw them).

• If you satisty the qualified distribution requirements, you can withdraw the earnings tax free.

• You are never required to take money out of your Roth IRA, no matter what your age.

Traditional IRA

• You may quality for a tax credit of up to $1,000 when you make a contribution.

• Any earnings are tax-deferred (you do not pay tax on the earnings until you withdraw them).

• If your contributions are tax-deductible, you do not pay taxes on them until you withdraw the money.

• Any after-tax amounts (nondeductible contributions) can be withdrawn tax and penalty free.

Coverdell Education Savings Account (ESA)

Contributing to a child's ESA will help jump-start his savings—and give him tax-free money later—to pay for education expenses.

With an ESA, individuals can make annual nondeductible contributions on behalf of a child until the child reaches age 18*. The earnings generated remain tax deferred while in the ESA. When the child uses the ESA assets to pay for qualified education expenses, the contributions and the earnings come out tax free. Anyone family member or nonfamily member—can contribute to a child's ESA, as long as their modified adjusted gross income (MAGI) is less than or within the applicable IRS limits.

Types of Distributions

Contact us for information on the different types of distributions.