Individual Retirement Accounts
Spend your golden years where you'd rather be, not stuck on-the-clock just to make ends meet. An IRA can help you reach your retirement goals in a timely manner, including tax-advantaged* dividend earnings to accelerate your saving.
Contribute what you can today. Then see your savings grow on a clear, easy-to-follow path to retirement.
- Essentials
- Tax-advantaged* retirement savings
- Competitive dividends above standard savings rates
- 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+
- $500 minimum deposit to open
*Consult a tax advisor.
- Traditional vs. Roth
Traditional and Roth IRAs both offer unique tax advantages to streamline your retirement saving. See a quick comparison below. Then consult a tax advisor to determine which type of IRA is right for your retirement plans.
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 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- Principal contributions can be withdrawn without penalty*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.
