Font Size:

Increase Decrease Reset

IRAs

IRA (Individual Retirement Account) Benefits & Features Include:


Adding an IRA to your retirement savings plan has many benefits. These benefits  include safe growth and tax benefits. An IRA allows you to choose between a fixed rate CD or a variable rate savings account.

 

Traditional IRA

Roth IRA

Tax Deductions

Contributions are fully deductible if you or your spouse are not active participants in an employer sponsored retirement plan. Otherwise contributions are subject to Modified Adjusted Gross Income (MAGI).

Contributions are not tax-deductible.

Best for you if:

You expect to be in a lower income tax bracket in retirement.
You don’t qualify for a Roth IRA because of your income level.

You anticipate remaining in your current tax bracket, or expect to be in a higher tax bracket after retirement.

Eligibility

Under age 70 1/2 with earned income.

Any individual with earned income, subject to Modified Adjusted Gross Income (MAGI) limitations.

What can I invest in?

CD or Savings.

CD or Savings. 

Your profile:

Conservative

Conservative

Terms:

CDs maturing between 32 days and 5 years. Savings accounts have no maturity date.

CDs maturing between 32 days and 5 years. Savings accounts have no maturity date.

Contribution limits:

Contact your personal banker for contribution limits.

Contact your personal banker for contribution limits.

Early withdrawals:

Distributions may be subject to a 10% federal early-withdrawal penalty unless distributions are made for specific qualified purposes (consult a tax advisor). Withdrawals prior to maturity are also subject to penalties.

Withdrawals of contributions are federal income tax-free and penalty-free. Withdrawals of earnings are tax-free and penalty-free if made after five years and contributor is age 59 1/2 or they are used for certain qualified withdrawals (consult a tax advisor). Withdrawals prior to maturity are also subject to penalties.

Required minimum distribution

Must begin at age 70 1/2.

Not required at any age for the contributor during their lifetime

 

How To Open


Open by visiting your local branch and talking a Personal Banker.


Have questions or need more help? Call or visit your local branch.