Individual Retirement Accounts (IRAs)

• Start saving for retirement with tax advantages¹
• 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)¹
• Additional "catch-up" contribution maybe allowed for ages 50+¹
• $1,000 minimum deposit to open

You can also start saving for college expenses now with our Coverdell Education Savings Account (CESA).

¹Consult a tax advisor.

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 minimum contribution requirement
• Contributions are tax deductible on state and federal income tax¹
• Earnings are tax deferred until withdrawal 
• Withdrawals may begin at age 59½
• Early withdrawals subject to IRS penalty
• Mandatory withdrawals beginning the year you turn age 70½

Roth IRA

• Income limits to be eligible to open Roth IRA³
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal¹
• Principal contributions can be withdrawn without penalty¹
• Withdrawals on interest may begin at age 59½
• Early withdrawals on interest subject to IRS penalty²
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

³Consult a tax advisor.

• Ideal for businesses of any size or self-employed individuals
• Gain the respect of your employees
• Help employees reach their retirement savings goals
• Employee always has complete ownership of all SEP IRA money
• Earn interest on entire balance $1,000.00 and greater
• Contributions are tax deductible; your business pays no taxes on earnings
  • Contributions made only by the employer
  • Only self-employed may make contributions on their own behalf
• Little to no documents to file with government
• Inexpensive to set up and operate
• Flexible annual contributions – good plan if cash flow is unpredictable
• Can contribute up to 25% of each participant's annual compensation (earned income)
  • Or, up to the maximum allowable limit for current plan year, whichever is less¹
  • Must contribute equally for all employees
• Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
• $1,000 minimum deposit to open 

¹Consult a tax advisor.