Individual Retirement Account (IRA)

Make a real start on your retirement, rather than daydreaming a better way to spend your workday. An Individual Retirement Account (IRA) gives you a clear path to retirement — including tax-advantaged* savings to speed up your retirement track.

We offer both Traditional and Roth IRAs, as well as Educational Savings Accounts (ESAs). So you can take control of your financial future with a concrete plan. The sooner you get started, the more likely you can retire on time.

  •         Tax-advantaged* retirement savings
  •         Traditional and Roth IRA options
  •         No setup fees
  •         No monthly or annual maintenance fees
  •         $5,500 contribution limit per year
  •         Additional $1,000 "catch-up" contribution allowed for ages 50+ 
  •       *Consult a tax advisor.
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Traditional vs. Roth

Traditional and Roth IRAs, what's the difference? Each offers unique tax advantages to help you save for your retirement. Compare Traditional vs. Roth IRAs in the quick bullets below. Then consult a tax advisor to determine what type of IRA best fits your future.

Traditional IRA

  •         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 59½
  •         Early withdrawals subject to penalty**
  •         Mandatory withdrawals at age 70½

 

Roth IRA

  •         Contributions are NOT tax deductible
  •         Earnings are 100% tax FREE at withdrawal*
  •         Principal contributions can be withdrawn without penalty*
  •         Withdrawals can begin at age 59½
  •         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. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.

Education (Coverdell)

An Education, or Coverdell, is a savings plan created with an incentive to pay for higher education. Parents and guardians may make non-deductible contributions to an Education Savings Account for a child under 18. When college time rolls around, the funds may be withdrawn, tax-free.*

  •  Distributions are tax-free, but must be used at an eligible institution, such as:   
  •  Any accredited public, private, or religious school that provides elementary or secondary education
  •  Accredited college, university, vocational or post-secondary educational institution eligible to participate in a Department of Education approved student aid program
  • Distributions are tax-free as long as they are used for qualified education expenses, including:
    • Tuition and fees
    • Required textbooks
    • School supplies and necessary equipment
    • Room and board
  • If the distribution exceeds qualified education expenses, a portion will be taxable to the beneficiary and will usually be subject to an additional 10% tax.**

*Consult a tax advisor.

** Exceptions to the 10% penalty tax, death, disability, distribution made for attendance at a   U.S. military academy, distribution taken into account in determining an American Opportunity or Lifetime Learning tax credit or Excess contributions removed before June 1.

* Please consult your tax professional for specific tax advice.