IRA

It’s never too late to invest in your future. Open an IRA today!

 
 

Traditional IRA

The traditional IRA may be fully tax deductible depending on your income and filing status.

  • Invest up to $5,500 a year with a catch up contribution of $1,000 after age 50.
  • Accumulate income tax deferred.
  • Withdraw funds IRS penalty free to help finance a higher education or your first home.
  • Choose fixed or variable rate options.

Roth IRA

  • Invest up to $5,500 a year with a catch up contribution of $1,000 after age 50 (not tax deductible).
  • Withdraw contributions tax-free any time. Withdraw interest earned IRS penalty-free after five years to buy a first home, or for any purpose after age 59½.
  • Contributions from earned income can be made after age 70½.
  • Unlike traditional IRAs, distributions are not required at age 70½.
  • Transfer funds from existing IRAs to a new Conversion Roth IRA (subject to taxation).

Coverdell Educational IRA

  • Invest up to $2,000 a year for any child under 18 years (not tax deductible).
  • Withdraw funds tax free and IRS penalty free to finance higher education expenses.
  • Transfer any unused funds to another child in your family.