-
Save for retirement with tax advantages1
-
Competitive interest above standard savings rates
-
Traditional and Roth IRA options
-
No setup fees
-
No monthly or annual maintenance fees
-
Annual contribution limits apply (see current contribution limits)1
-
Additional $1,000 "catch-up" contribution allowed for ages 50+
-
Funds can be used to purchase CDs within IRA
-
FDIC insured
-
$500 minimum deposit to open
1Consult a tax advisor.
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
Traditional IRA
-
No income limits to open
-
No minimum contribution requirement
-
Contributions are tax deductible on state and federal income tax1
-
Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
-
Withdrawals can begin at age 59½
-
Early withdrawals subject to penalty2
-
Mandatory withdrawals at age 73
Roth IRA
-
Income limits to be eligible to open Roth IRA3
-
Contributions are NOT tax deductible
-
Earnings are 100% tax free at withdrawal1
-
Principal contributions can be withdrawn without penalty1
-
Withdrawals on interest can begin at age 59½
-
Early withdrawals on interest subject to penalty2
-
No mandatory distribution age
-
No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.
