Retire on your terms. We offer traditional and Roth IRA options, so you can save the way that works best for your family. Competitive dividends and unique tax advantages give you greater financial freedom. Do your future self a favor — start saving today.
Individual Retirement Accounts (IRAs)
- Competitive dividends
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $6,000 ($7,000 if you’re age 50 or older) contribution limit per year, or if less, your taxable compensation for the year
- Generally have to start taking withdrawals at age 70½. Due to changes to the SECURE Act, if our 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach the age of 72.
- Funds can be used to purchase CDs within IRA
- $50.00 minimum deposit to open
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.
- Great account to save money for retirement
- No minimum contribution requirement
- Contributions may be tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings could be 100% tax free at withdrawal1
- Principal contributions could be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.