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Individual Retirement Accounts (IRAs)

Smart retirement planning begins early! In today’s world, living the American dream after retirement takes more than modest means. We want to help you plan for those golden years-easily, conveniently, and regularly. Our retirement plans offer ways to help set aside a portion of your earnings for the future.  IRA’s are separately FDIC insured.

ROTH IRA

  • A ROTH IRA is an individual retirement account that allows only nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period.
    • There are two requirements for eligibility to contribute to a Roth IRA:
      • You or your spouse must have earned income.
      • Your modified adjusted gross income cannot exceed IRS-defined limits.

TRADITIONAL IRA

  • A Traditional IRA is an individual retirement account that offers tax-deferred earnings contributions and the possibility for tax-deductible contributions.
    • There are two requirements for eligibility to contribute to a Traditional IRA:
      • Must be under 70 and a half and;
      • You or your spouse must have earned income.

Contact a new accounts representative for our current interest rates and for any other questions you may have on setting up one of these accounts.