Individual Retirement Accounts (IRAs)
Invest in your retirement with tax-advantaged* savings. There are no setup fees to open a traditional IRA account, and no monthly or annual maintenance fees! Start saving now to solidify your future income.
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- Benefits
- Tax-advantaged retirement savings*
- Competitive dividends above standard savings rates**
- No setup fees
- No monthly or annual maintenance fees
- No income limits to open
- No minimum contribution requirement
- $5,500 contribution limit per year (as of 2014)
- Contributions are tax deductible on state and federal income tax*
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase share certificates within IRA
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty***
- Mandatory withdrawals at age 70 ½
- $1,000 minimum deposit to open
*Subject to some minimal conditions. Consult a tax advisor.
**Applies if placed in a CD.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.