Individual Retirement Accounts (IRAs)
Pave a simple road to retirement when you open an IRA — a tax-advantaged* place for you to save. Supplement your retirement savings with an account that's made for retirement.
Enjoy competitive rates, and various programs to meet your individual needs. Save now and spend your golden years wherever you'd rather be, with plenty to spend while you're there.
Benefits
- Tax-advantaged* retirement savings
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- $5,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- $100 minimum deposit to open
Traditional vs. Roth
Which IRA is right for you? Traditional and Roth IRAs offer distinct tax advantages to help you save more money in less time. Compare both IRAs below and consult a tax advisor to determine what type of IRA fits into your retirement plan.
Traditional IRA
- No minimum contribution in any year allowing flexibility
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70½
Roth IRA
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3As of 2012; IRS may change figure annually.
*Consult a tax advisor.