IRAs

New stages of life will also come with unique financial needs. But don’t worry—we’ve got you covered for those too. Looking to save for retirement, buy a new home or finance your child’s education? We have the IRA just for you.

With penalty-free withdrawals and tax-free earnings, IRAs are perfect for retirement savings, rolling over a pension payout, buying a new home or paying for education costs. Take a look at what we have to offer!

Types of IRAs

Traditional IRA 

Who Can Contribute

Anyone under the age of 70½ who receives income from compensation or is filing jointly with a spouse who earns compensation is eligible for a Traditional IRA.

Tax Benefits

  • Certain contributions are tax-free
  • All earnings are tax-deferred
  • Penalty-free distributions for first-time home purchases or higher education expenses
Roth IRA 

Who Can Contribute

Those eligible for a Roth IRA must have income from compensation or be filing jointly with a spouse who earns compensation. Must also have the following modified gross income:

  • Up to $95,000 (single filers)
  • Up to $150,000 (joint filers)

Tax Benefits

  • While contributions are non-deductible, qualified distributions (such as contributions made after the age of 59½) are tax free.
  • Distributions are penalty free for higher education expenses, large medical expenses and certain health insurance premiums.
Education IRA 

Who Can Contribute

Eligibility for an Education IRA is the same as a Roth IRA. However, contributions do not have to come from compensation. Contributions are also not allowed after the beneficiary reaches the age of 18.

Tax Benefits

  • Withdrawals are tax-free and penalty-free for qualified higher education expenses.
  • Funds can be transferred between children’s accounts in the family.

 

Click here to view our IRA rates.

For more information about our IRAs, please contact us.