Individual Retirement Accounts (IRA)

Individual Retirement Accounts (IRA)

It's never too soon to prepare for the future. Whether you're thinking about college tuition or retirement, we offer a variety of IRAs, each with its own special tax advantages. Stop in and ask one of our IRA specialists to help you chose the best option for your specific retirement or education goals.

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Summary
  • No minimum deposit to open
  • Tax-advantaged savings
  • Competitive dividends above standard savings
  • Choose Traditional, Roth, or Coverdell
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 maximum annual contribution
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
Traditional vs Roth IRAs

Traditional IRA

  • No income limit to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty
  • Mandatory withdrawals at age 70½

Roth IRA

  • Eligibility depends on income limits
  • 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  • Principal contributions can be withdrawn without penalty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 59½
  • Early withdrawals on earnings subject to penalty
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income
Coverdell (Educational) IRA

Don't be caught unprepared when it comes to funding your children's education. A Coverdell account offers the perfect opportunity to save for educational expenses, with a variety of terms to choose from to meet your specific needs. Restrictions apply, so contact a member services representative for details.

  • Save to fund your children's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Contributions may be tax deductible
  • Withdrawals are tax-free when used for qualified education expenses
  • May be used for elementary, secondary, or college education

Subject to some minimal conditions. Consult a tax advisor. Certain exceptions apply, such as healthcare, purchasing first home, etc.