IRA

INDIVIDUAL RETIREMENT ACCOUNTS

A  IRA can help you accumulate money for your retirement while giving you an immediate tax reduction. Choose from a variety of investment options:

Traditional IRA

A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.

Roth IRA

The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70 1/2.

Education IRA

An Education IRA is an account that features tax-free withdrawals for a child’s higher education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions from an Educational IRA are penalty free and tax-free


Please ask for our current rates and minimum deposit requirements on all our savings plans.

 

 

*Federal regulations require us to impose a penalty for early withdraw of a time deposit
**Consult your Tax Advisor.