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IRA

If you're thinking about opening an IRA, look into the options that we offer. We offer Traditional IRAs, Roth IRAs, and Educational IRAs.

Traditional IRA

  • Tax deductible contributions
  • Withdraws begin at age 59 ½ and are mandatory by 70 ½
  • Taxes are paid on earnings when withdrawn from the IRA
  • Funds can be used to purchase a variety of investments
  • Available to everyone; no income restrictions
  • All funds withdrawn before 59 ½ are subject to a 10% penalty (subject to exception)
  • Maximum contributions per tax year for 50+ years is $6,500; under age 50 is $5,500

Roth IRA

  • Contributions are not tax deductible
  • No mandatory distribution age
  • All earnings and principal are 100% tax free if rules and regulations are followed
  • Funds can be used to purchase a variety of investments
  • Available only to single-filers making up to $131,000 or married couples making a combined maximum of $193,000 annually
  • Principal contributions can be withdrawn any time without penalty after a five year test period has been met
  • Maximum contributions per tax year for 50+ years is $6,500; under 50 is $5,500

Educational IRA

  • For children ages 0-18
  • Maximum contributions per year is $2,000
  • Tax exempt as long as funds are used for educational purposes
  • Maximum contribution age is 18
  • All funds must be withdrawn by age 30 or must be passed along to a sibling

It’s never too early or too late to start planning for your retirement. Contact us today about opening the right IRA for you.
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