Individual Retirement Account (IRA)

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    Whatever your plans for retirement — travel, time with the grandkids, afternoons on the golf course, or mornings enjoying the cool mountain air — tax-advantaged savings is the ticket to the future you’ve been looking forward to. 

    We offer both traditional and Roth IRAs. Have a look at the benefits of each and pick the account that best suits your retirement savings needs. 

    Summary
    • Tax-advantaged retirement savings*
    • Earn competitive dividends above standard savings rates on balances over $100
    • Traditional and Roth IRA options
    • No setup fees
    • No monthly or annual maintenance fees
    • $5,500 contribution limit per year (as of 2015)
    • Additional $1,000 "catch-up" contribution allowed for ages 50+
    • Funds can be used to purchase share certificates within IRA
    • $100 minimum deposit to open
    *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

    • No income limits to open
    • No minimum contribution requirement
    • Contribution limits apply*
    • 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

    • Contribution limits apply*
    • 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    • Principal contributions can be withdrawn without penalty**
    • Withdrawals on dividends can begin at age 59 ½
    • Early withdrawals on dividends subject to penalty***
    • No mandatory distribution age
    • No age limit on making contributions as long as you have earned income

    Resources


    *Refer to the IRS website for current limits.
    **Subject to some minimal conditions. Consult a tax advisor.
    ***Certain exceptions apply, such as healthcare, purchasing first home, etc.

    College is costly — but a little pre-planning can go a long way. Set aside savings for your child’s college education in a CESA, where your dividends will grow tax-free.*

    Withdrawals are tax-free and penalty-free when used for qualified education expenses* before he or she turns 30.** As an added bonus, there’s no penalty to transfer the account to another member of the family.

    • Set aside funds for your child's education
    • No setup or annual fee
    • Dividends grow tax-free*
    • Withdrawals are tax-free and penalty-free when used for qualified education expenses*
    • Designated beneficiary must be under 18 when contributions are made
    • To contribute to an ESA, certain income limits apply**
    • Contributions are not tax deductible
    • $2,000 maximum annual contribution per child
    • The money must be withdrawn by the time he or she turns 30***
    • The ESA may be transferred without penalty to another member of the family
    • $100 minimum deposit to open

    Resource

    *Qualified expenses include tuition and fees, books, supplies, board, etc.
    **Earnings withdrawn after he or she turns 30 are subject to income tax and a 10% penalty.
    ***Consult your tax advisor to determine your contribution limit.