Individual Retirement Accounts (IRAs)

It's never too early to save for retirement and an IRA is a great way to start. An IRA is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. All retirement funds are FDIC insured up to $250,000.

Roth IRA

Anyone who has earned income and does not exceed the maximum income limit is eligible and may contribute to a ROTH IRA. Consult with your investment or tax advisor to discuss the current contribution limits and your eligibility.

Withdrawals of contributory principal are always tax-free and IRS penalty free at any age. Interest distributions are tax-free for qualified withdrawals. Required Minimum Distributions (RMD) are NOT required on Roth IRA's at age 70 1/2.

Traditional IRA

Contributions are tax deductible, depending upon your income limit. Consult your investment or tax advisor to determine if you are eligible and the current contribution limits.

Withdrawals penalty free are allowed for qualified educational expenses, for a first-time home purchase, if you are older than 59 1/2, if you become disabled, for qualified medical expenses, for payment of health insurance premiums while unemployed, or upon your death.

Learn more on the IRS website.
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