Why an Individual Retirement Account (IRA)?
No Setup Fees
No Maintenance Fees
Benefits of Individual Retirement Accounts (IRAs)
- No annual fees or setup fees
- Federally insured
- $1000 minimum deposit to open
- Save for retirement with special tax advantages*
- Traditional and Roth IRA options available
- Earn competitive interest at a higher rate than a regular savings
- Annual contribution limits apply (see current contribution limits)
*Consult your tax advisor to discuss your individual tax situation
Traditional vs. Roth
There are advantages to both Traditional and Roth IRAs. One provides tax relief today, while the other may offer relief at the time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earning are tax deferred until withdrawal (when usually in a lower tax bracket)
- Withdrawals can begin at age 59 1/2
- Early withdrawals are subject to penalty
- Mandatory withdrawals begin at age 72
- 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- Principal contributions can be withdrawn without penalty*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 1/2
- Early withdrawals on interest subject to penalty
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
Looking for More
Here for YouLet us know your financial goals and we can help you decide what individual retirement account is best for you!
Find a LocationVisit us in person to get your IRA started, or to get face-to-face assistance with any questions you may have.
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