Retirement

Invest now, enjoy later with Individual Retirement Accounts.

Traditional IRA

A Traditional Individual Retirement Account (IRA) allows anyone to make tax-deductible contributions

  • Earnings grow tax-free until funds are withdrawn
  • Early withdrawals possible - 10% penalty fee applies
  • You can withdraw money from the account to fund your retirement at 59 ½ years old
  • Contributions may be tax-deductible (consult your tax advisor)
  • No annual fees

Roth IRA

A Roth IRA is an Individual Retirement Account that provides tax-free growth.

  • Advantage of getting taxed only once, rather than twice (or more) as with a regularly-taxed investment account.
  • Make withdrawals at any time, tax-free and penalty-free
  • You pay income tax, and then make your contribution with post-tax dollars
  • Your principal grows tax-free
  • No annual fees


Education (Coverdell)

Fund an individual’s education with a Coverdell Individual Retirement Account (IRA)

  • Tax-deferred earnings (until distributed)
  • Distributions typically tax-free
  •  Student will not owe tax on any withdrawal from account as long as it is equal to or less than the child’s education expenses (at an eligible educational institution)
  • Withdrawals may be used for K-12, and college education expenses
  • No annual fees


   *See Truth-in-Savings Disclosure for transaction restrictions.

 

Traditional IRAs vs Roth IRAs

Traditional IRA
A Traditional IRA offers potential tax-deductible contributions and the opportunity for your earnings to grow tax-deferred until they are withdrawn in retirement. This means you won’t pay federal income taxes on your deductible


Roth IRA
A Roth IRA provides the opportunity for your earnings to grow tax-free. Generally, Roth IRAs offer greater tax savings and withdrawal flexibility than Traditional IRAs.

 

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