Individual Retirement Accounts (IRAs)

• Save for retirement with tax advantages¹
• Earn competitive interest higher than regular savings
• Available in traditional and Roth
• Annual contribution limits apply
• $1,000 annual “catch up” contributions allowed for ages 50 and better
• No annual fees or set up fees
• Federally insured
• Minimum deposit to open varies depending on IRA Certificate term

¹Consult a tax advisor.

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

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax¹
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 70 ½

Roth IRA

• Income limits to be eligible to open Roth IRA³
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal¹
• Principal contributions can be withdrawn without penalty¹
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty²
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

Limited transactions by FDIC regulations

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

³Consult a tax advisor.