Individual Retirement Accounts (IRAs)

Individual Retirement Account Details

Make a real start on your retirement, rather than daydreaming a better way to spend your workday. An Individual Retirement Account (IRA) gives you a clear path to retirement — including tax-advantaged* savings to speed up your retirement track.

We offer both traditional and Roth IRAs, so you can take control of your financial future with a concrete plan. The sooner you get started, the more likely you can retire on time.

  • Tax-advantaged* retirement savings
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Low $5 minimum deposit to open

*Consult a tax advisor.

Traditional vs. Roth

Traditional and Roth IRAs, what's the difference? Each offers unique tax advantages to help you save for your retirement. Compare traditional vs. Roth IRAs in the quick bullets below. Then consult a tax advisor to determine what type of IRA best fits your future.

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year
  • 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 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

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  • Principal contributions can be withdrawn without penalty*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 interest can begin at age 59½
  • 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.

Share

close