Individual Retirement Accounts (IRAs)
Individual Retirement Accounts (IRAs)
Get the financially secure retirement you deserve. By saving now, you can rack up compound interest while enjoying tax advantages*. We offer both traditional and Roth, so you can choose the plan that works for you.
Summary
- Attractive interest above standard savings rates
- Traditional and Roth IRA options
*Consult a tax advisor.
Traditional vs. Roth
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
- Contributions are tax deductible on state and federal income tax*
- Withdrawals can begin at age 59 1/2
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 1/2
Roth IRA
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Direct contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59 1/2
- Early withdrawals on interest subject to penalty**
- No mandatory withdrawals at age 70 1/2
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Interested? Reach out to us to learn more.