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INDIVIDUAL RETIREMENT ACCOUNT

SAVE FOR THE GOLDEN YEARS AND ENJOY ALL THE ONES IN BETWEEN

“Individual Retirement Accounts (IRA)” doesn’t have any sub pages.

Individual Retirement Accounts (IRA)

IS AN IRA RIGHT FOR ME?

Individual Retirement Accounts let you save money for retirement and get a tax break for doing so. You’re going to need income during retirement, and these accounts can help you build the savings and wealth you’ll need to live the lifestyle you love.

Individual Retirement Account Features

  • $100 minimum to open
  • No maintenance fees
  • Unlimited FREE access to Personal Online Banking + Mobile Banking
  • Interest tiered on daily balance, compounded daily and credited quarterly

Consider an IRA if you:

  • need to save money for retirement (hint: you do)
  • want to potentially cut your tax bill
  • want a variety of investments to choose from
TRADITIONAL VS ROTH IRA?

There are several Individual Retirement Account options – we offer both Traditional and Roth IRAs. See how they compare and which may be the right for you.

Traditional IRA

With Traditional IRAs, your funds grow tax-deferred and contributions can be tax-deductible.

  • Anyone can contribute to a Traditional IRA account – there’s no income cap
  • When it comes to tax time, you may be able to deduct your contributions and reduce your overall tax bill. There are a few limitations, so ask your banker for more information.
  • You won’t owe income taxes until you withdraw money from your account (i.e., you’ll pay taxes on both the contributions and earnings at the time you withdraw the money)

Roth IRA

In a Roth IRA, your money grows tax-free and your withdrawals during retirement are tax-free.

 

  • Not everyone can contribute to a Roth IRA – there’s an income cap that prevents higher earners from contributing
  • You can’t deduct your contributions come tax time, but you never owe taxes on the investment gains in your account so you can withdraw money tax-free in retirement
  • With a Roth IRA, you have some withdrawal flexibility and can take out your contributions any time without penalty

STILL NOT SURE? CONTACT OUR LENDING TEAM TO DISCUSS YOUR OPTIONS TODAY.

Make your retirement years as golden as they should be. Set up your IRA today.

Disclosure

Traditional IRA distributions are taxed as ordinary income. Distributions from Traditional and Roth IRAs may be subject to taxes. Please speak to a qualified tax specialist for more information.

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