Individual Retirement Accounts (IRAs)
A penny saved is a penny earned — so why squander it all before retirement? Be smart and open an IRA while you're still earning income.
Start contributing now and build up a sizeable nest egg by the time you clock out for good. Because your golden years should be all about traveling and naps — not fretting about finances.
- Start saving for retirement
- Enjoy possible tax advantages*
- Interest credited quarterly
- Choose between traditional or Roth IRA
- Minimum $100 opening deposit
*Consult a tax advisor.
- Traditional vs. Roth
Let's break down the difference between traditional and Roth IRAs. Both offer tax advantages that help your retirement savings plan. Remember to consult a tax advisor first to determine which IRA is the best plan for you.
- Build savings for retirement
- No income limits to open
- For those under 70½
- Mandatory withdrawals at age 70½
- Contribute as often as you want each year
- Annual contribution limit is $5000
- State and federal income tax deductible contributions*
- Tax-deferred earnings until withdrawal
- Build savings for retirement or your first home
- Income limits factor into eligibility
- Contributions are not tax-deductible*
- Earnings are 100% tax free at withdrawal
- Principle contributions can be withdrawn without penalty*
- Withdrawals on interest as early as age 59½
- Interest withdrawals before age 50½ subject to penalty**
- No mandatory distribution age
- No age limit on making contributions
- Must have earned income
* Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.