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.

  • 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  • Principal contributions can be withdrawn without penalty*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.

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