Summary

Start saving for retirement now so that when it's time, you can really kick back and relax. Tax-advantaged savings help make the most of your money.

We offer both traditional and Roth IRAs. Choose the account that makes the most sense for your saving strategy.

Account Details

  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • 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
  • No 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 Details

  • 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

*Refer to the IRS website for current limits.

** Subject to some minimal conditions. Consult a tax advisor.

Roth IRA Details

  • 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  • Principal contributions can be withdrawn without penalty***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

*Refer to the IRS website for current limits.

**Consult a tax advisor.

***Subject to some minimal conditions. Consult a tax advisor.

†Certain exceptions apply, such as healthcare, purchasing first home, etc.