INDIVIDUAL RETIREMENT ACCOUNTS
Looking for a risk-free way to save for retirement? Then look no further. Bank-offered IRAs are one of the safest ways to save for retirement, since they are FDIC insured and offer steady returns.
IRAs provide you with tax advantages for long-term retirement savings. The sooner you start contributing to an IRA and the longer you let your money grow, the more you benefit.
- Traditional, Roth and Coverdell available
- Variety of terms available ranging from 12 months to 60 months with automatic renewal
- Tiered interest rates, compounded semi-annually and at maturity
- Make deposits any time or set up an automatic transfer, not to exceed government limits
- Any earnings are tax-free if withdrawn at or after age 59½ and the account has been open five years or more1
- Contributions (not earnings) can be withdrawn free of tax and the 10% additional tax at any time
- Contributions are not tax-deductible
1Certain restrictions apply.
- Any earnings are tax-deferred until withdrawn at or after age 59½ at which time they are taxed at your current rate
- Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after age 59½
- Contributions may be tax-deductible
A Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses.
- Total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established
- Contributions are not tax-deductible, but amounts deposited in the account grow tax free until distributed.
- Beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses.
Not sure which IRA solution is right for you, Contact Us to speak with one of our IRA Specialists or stop by one of our convenient office locations.