Individual Retirement Accounts

It’s not too late to save for your retirement. An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and offers many tax advantages. Whether your goal is to travel the world or just spend more time with the grandkids, the retirement you want takes planning. Opening, moving, or rolling over your IRA with us is the first step.

Putting your nest egg where it will grow tax-free is a smart move, and with our competitive interest rates, more of your savings will go directly toward funding your future. Plus, you may be able to deduct your IRA contribution from your current taxable income.

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Traditional IRA

A Traditional Individual Retirement Account (IRA) may provide you significant, immediate tax savings and, due to the deferral of all taxes on earnings, the power of compound earnings is strengthened.

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You can contribute to a Traditional IRA if you earn compensation and you will not reach age 70½ by the end of the year. Earnings in a Traditional IRA are not taxed until they are withdrawn. The ability to defer taxes on the earnings, and to withdraw in a year when you may be in a lower tax bracket, can mean more after-tax dollars for your retirement.

You can invest up to $5,500 per year in a Traditional IRA account (or up to $6,500 if you are 50 or older).

You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 70½ you must take a required minimum distribution (RMD) every year. At 70½, you are also no longer eligible to contribute to a Traditional IRA (consider a Roth IRA if you would like to make contributions past this age).

With a Traditional IRA:

Earnings accumulate tax-deferred
Contributions are tax-deductible if you qualify

Roth IRA

Roth Individual Retirement Accounts (Roth IRAs) offer unique savings opportunities. Roth IRAs give you an easy and safe way to plan for the future. Unlike traditional IRAs, contributions to a Roth IRA are not tax-deductible.

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The money in your Roth IRA, including earnings, can be withdrawn tax-free. You must conform to certain tax requirements to get this tax-free advantage. Contributions to a Roth IRA are not tax deductible. Qualified distributions from a Roth IRA may not be included as part of taxable income.

You are eligible to open and contribute to a Roth IRA if you receive taxable compensation during the tax year. There is no age limit to opening a Roth IRA; however, there are limitations based on your Modified Adjusted Gross Income (MAGI) and your spouse.

The annual contribution limit on a Roth IRA for someone under age 50 is $5,500. The annual contribution limit for someone age 50 or older is $6,500.

With a Roth IRA:

Contributions are allowed at any age
Eligible withdrawals are tax-free
Flexible withdrawal options are available

Some restrictions apply. Contact us for details »

Coverdell Education Savings Account (ESA)

A Coverdell Education Savings Account (ESA) is the perfect tool for saving money to pay for your child’s educational expenses from kindergarten through college. Don’t let rapidly rising costs of higher education become a financial struggle. A Coverdell Education Savings Account lets you grow your savings free from federal taxes.

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Contributions to a Coverdell ESA are never tax-deductible and offers you the potential for tax-free withdrawals including earnings. You can save up to $2,000 per child, per year in your Coverdell Education Savings Account up until age 18.

The benefits of a Coverdell ESA include:

Unlike state 529 plans, Coverdell ESAs can be used to pay for qualified elementary and secondary education expenses.
Earnings grow on a tax-deferred basis, and distributions are tax-free if the money is used to pay qualified education expenses.
Qualified Higher Education Expenses are:
- Tuition, fees, books, supplies, and equipment required for the enrollment or attendance of the designated beneficiary at an eligible higher education institution.
- Room and board are also eligible expenses if the student is enrolled at least half-time.
Does not require earned income.