Are you worried about retirement and would like to start saving? One savings option we offer is an Individual Retirement Accounts (IRA). An IRA will help increase your retirement funds. Early planning today means more savings tomorrow.
IRA’s (Individual Retirement Account)
We offer two types of IRA’s, see below for more detail or contact a customer service representative for further information.
In a Traditional IRA, you make contributions with money you may be able to deduct on your tax return and any earnings can potentially grow tax-deferred until you withdraw them in retirement.
- Regular or annual contributions or generally deductible
- Age limit to contribute is 70 ½
- No income limit to contribute
- IRA owner Mandatory withdrawals at age 70 ½
With a Roth IRA, you make contributions with money you’ve already paid taxes on (after-tax), and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.
- Regular or annual contributions are not deductible
- No age limit to contribute
- Income limit to contribute
- No mandatory withdrawals for IRA owners
2020 Contribution Limits for both Traditional and Roth IRAs
- $1,000 catch-up provision for individuals 50 or older
How To Open a Traditional or Roth IRA
To inquire or open an IRA, please see a customer service representative. IRA’s are FDIC insured up to $250,000.00 per account owner.