We offer Traditional IRAs, Roth IRAs, Educational IRAs, and IRA Certificates.
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- Taxes are paid on earnings when withdrawn from the IRA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- All funds withdrawn before 59 ½ are subject to a 10% penalty (subject to exception)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- Principal contributions can be withdrawn any time without penalty after a five year test period has been met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- All funds must be withdrawn by age 30 or must be passed along to a sibling
IRA Certificates
- Have a higher interest rate than regular CDs and IRAs
- Interest is compounded daily and paid monthly
- Requires a minimum deposit of $5,000
- Members can continually deposit money into IRA Certificates, unlike regular Certificates
- One-year, two and a half year, and five-year certificates are available for Roth and Traditional IRAs
- Five-year certificates are available for Educational IRAs
It’s never too early or too late to start planning for your retirement. Contact us today about opening the right IRA for you.