Saving for your retirement is easy with a Traditional or Roth Individual Retirement Account (IRA). Our IRAs and IRA Share Certificates earn excellent rates, provide you with a tax sheltered future, and no maintenance fees.
The information on this page is not intended to provide tax advice. Please see a competent tax advisor to help you determine which type of IRA best suits you.
Traditional IRA
May make sense for you if*:
- You are eligible for a Traditional IRA deduction,
- You are not eligible to contribute to a Roth IRA,
- Anticipate a higher tax rate while saving,
- Anticipate a lower tax rate during retirement,
- Are interested in taking Required Minimum Distribution (RMD) amounts during retirement, or
- Are not concerned about tax savings for beneficiaries.
Saving for retirement has never been easier.
A traditional IRA is the most basic of retirement plans. It provides an easy and effective way for you to put money aside for your future, while offering tax benefits today.
Traditional IRA Benefits
- Independence. They can be opened and funded without any employer participation.
- Immediate tax benefits. Contributions may be tax-deductible,* and earnings are tax-deferred until retirement. See your tax advisor for details.
- Accessibility. Funds are always available, something not generally true of employer plans.
- Flexibility. There is no minimum contribution in any year.
Roth IRA
May make sense for you if*:
- You are not eligible for a Traditional IRA deduction,
- Anticipate a lower tax rate while saving,
- Anticipate a higher tax rate during retirement,
- Want to avoid Required Minimum Distribution (RMD)
- Are concerned about tax savings for beneficiaries, or
- Are not eligible to contribute to a Traditional IRA because of the age limit
Take control of your financial future.
A Roth IRA allows you to invest your after-tax dollars today, let the investment grow tax-deferred until retirement, then withdraw your principal and earnings tax-free after five years (you may be subject to income taxes and a 10% penalty on the earnings if withdrawn before age 59 1/2.)
Roth IRA Features & Benefits
- Tax-free retirement income. Contributions are not deductible, but earnings grow tax-free.
- Higher income ceiling for contributions than Traditional IRA
- Contributions allowed in addition to your 401(k) plan
- No requirement to begin distributions at age 72
- Ability to withdraw contributions without penalty at any time and to withdraw earnings after five-year holding period based on age or special circumstances, such as buying a first home, disability, age 59 1/2 or death
*You may be eligible for both Traditional and Roth IRAs, if so, you can contribute to both as long as your total contributions for the year do not exceed the annual limit. The information on this page is not intended to provide tax advice. Please see a competent tax advisor to help you determine which type of IRA best suits you.
