Individual Retirement Accounts (IRAs)
Start planning now so your retirement years are the best they can be. Because every situation is different, we offer traditional and Roth IRA options. Each comes with its own unique advantages, so take a look below to see which is right for you. Our retirement specialists would be glad to help you plan your financial future. Get started today!
- Traditional IRA
-
The traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn.
- Save money for retirement
- Available to anyone with earned income up to age 70½
- No annual maintenance fees
- Contributions may be tax deductible*
- $5,000 contribution limit per year
- $1,000 "catch-up" contribution for age 50 and up
- Customize withdrawals beginning at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
Our Switch Kit provides the forms you need to switch your accounts. Click here to download it.
*Consult with a tax advisor about this and other aspects of IRAs.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Roth IRA
Contributions are non-deductible with a Roth IRA, but distributions are tax free and contribution withdrawals are penalty free.*
- Save money for retirement
- Earn interest on balance
- Available to anyone with earned income, regardless of age
- No annual maintenance fees
- Withdrawals are tax free
- Contributions are not tax deductible
- $5,000 contribution limit per year
- $1,000 "catch-up" contribution for age 50 and up
- Contributions can be withdrawn penalty-free at any time*
- Withdrawals may begin at age 59½
- Early withdrawals of earnings subject to penalty**
- No mandatory distribution age
- FDIC insured up to $250,000
*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
