Retirement / IRAs

An individual retirement account (IRA) is a personal retirement savings plan that gives the owner tax benefits designed to increase the amount accumulated for retirement. There are three types: Traditional IRA, Roth IRA, and the Coverdell ESA (Education) IRA. They differ in the way they give you tax breaks and how you can contribute to them.

IRA SAVINGS ACCOUNTS

Perfect for those who want to start saving for retirement, starting with only a $25 initial deposit. You can contribute to it any time, or on a regular schedule with an automatic payroll deduction. When you reach $1,000, we can convert you.

TRADITIONAL, ROTH & COVERDELL ESA IRA ACCOUNTS

There are many options to consider when structuring your IRA’s. Ask your tax advisor for details on contribution limits, allowable deductions and which account or combination of accounts is right for you. Keep in mind that contributions to a Traditional IRA are usually tax deductible. Contributions to a Roth IRA and Coverdell ESA are not, but their earnings are tax-free.

You can contribute up to $2,000 annually in a Coverdell ESA (Education IRA).

You can contribute up to $5,500 in an individual Roth or Traditional IRA (or a combination of both) plus $1000 for a catch-up contribution (total $6,500), if they are 50 years old and older – double that in a spousal IRA.

IRA CERTIFICATE ACCOUNTS

Earn higher yields with our IRA Certificates of Deposit. We’ll show you how to establish a Traditional, Roth or Coverdell ESA backed Certificate. This is a great solution for a rollover from another financial institution.

 

 

 

Certificate Accounts →