Individual Retirement Accounts (IRAs)

• Tax-advantaged retirement savings*
• Competitive dividends above standard savings rates
• Traditional and Roth IRA options
• No setup fees
• Low, $25 annual maintenance fee
• Annual contribution limits apply (see current contribution limits; $7,000 as of 2024)*
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• No minimum deposit required to open

*Consult a tax advisor.

Details coming soon!

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 time of retirement. 

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax*
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at age 72 

Roth IRA

• 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• Principal contributions can be withdrawn without penalty***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 dividends can begin at age 59 ½
• Early withdrawals on dividends subject to penalty***
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

*Consult a tax advisor.

**Subject to some minimal conditions. Consult a tax advisor.

***Certain exceptions apply, such as healthcare, purchasing first home, etc.