Individual Retirement Accounts (IRAs)

It’s never too early or too late to start saving for retirement — especially when you can save with tax advantages.*

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Benefits
  • Save for retirement with tax advantages*
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply (see current contribution limits; $6,000 as of 2020)*
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $500 minimum deposit to open

*Consult a tax advisor.

Traditional vs. Roth

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 70 ½
  • Roth IRA
    • Income limits to be eligible to open Roth IRA***
    • Contributions are NOT tax deductible
    • Principal contributions can be withdrawn without penalty*
    • Withdrawals on interest can begin at age 59 ½
    • Early withdrawals on interest subject to penalty**
    • No mandatory distribution age
    • No age limit on making contributions as long as you have earned income

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

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

***Consult a tax advisor.

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