IRAs – Individual Retirement Account

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Secure your retirement years with an Individual Retirement Account. We offer two investment options for retirement: Traditional and Roth IRA’s, which can be held as either a share deposit IRA or term share certificate IRA.

Traditional IRAs

  • Who can contribute?
    • Anyone under age 70 1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation).
  • What are the benefits?
    • Income limits have been raised so more people can make tax-deductible contributions.
    • Certain contributions are tax-deferred.
    • All earnings are tax-deferred until withdrawal – when your tax rate may be lower.
    • Tax deferred compounding of earnings reduces your tax bill each year.
    • Distributions are penalty-free for:
      • A first time home purchase.
      • Higher education expenses.

Roth IRAs

  • Who can contribute?
    • Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the specified modified adjusted gross income.
  • What are the benefits?
    • You may withdraw your contributions tax-free and penalty-free at any time.
    • Earnings may be withdrawn tax-free and penalty-free under a variety of conditions.
    • Funds may be used for a first time home purchase.
    • You do not have to receive required minimum distributions.
    • Contributions are nondeductible but qualified distributions are tax-free.
    • Distributions are penalty-free for certain:
      • Higher-education expenses.
      • Large medical expenses.
      • Health insurance premiums.