Individual Retirement Accounts (IRAs)

• Make your golden years more golden
• Prepare for retirement with special tax advantages*
• Choose the best plan for your lifestyle:
  • Traditional IRA
  • Roth IRA
• Ways to save:
  • Certificate of Deposit
  • Savings Account
• Competitive interest above standard savings rates
• Contributions can be made as a payroll deduction
• No setup fees
• No monthly or annual maintenance fees
• Annual contribution limits apply (see current contribution limits; $5,500 as of 2018)
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• Early withdrawal penalties may apply
• Minimum deposit to open varies by account type

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 tax*
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at age 70 ½

Roth IRA

• Income limits to be eligible to open Roth IRA***
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal*
• Principal contributions can be withdrawn without IRS penalty*
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty**
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Please consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Please consult a tax advisor.