Individual Retirement Accounts are intended to help people save for their retirement. Several types of Individual Retirement Accounts (IRA’s) are available-Traditional IRA; IRA Savings; Roth IRA; SEP IRA; Education IRA. IRA's may also be obtained as a certificate. (Periodic payments may only be made from an IRA Savings Account).
Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation,) and meets the adjusted gross income qualifications may contribute.
STOP BY A BRANCH TO OPEN YOUR ACCOUNT
Yearly $2,000 contribution per child
Funds deposited are not tax-deductible
Withdrawals are tax and penalty-free only for qualified education expenses (earnings are subject to tax and penalty for most other withdrawals)
Funds can be transferred from one child’s account to an account for another child in the family.
Funds deposited are not tax-deductible
Regular contributions can be withdrawn tax and penalty-free at any time
After the account has been opened 5 tax years, earnings can be withdrawn tax and penalty-free for any of the following reasons:
A pension plan established by a small business or self-employed individual.
The plan allows employers to make contributions toward their own and their employees’ retirement.
A SEP IRA is a traditional style IRA that is owned and controlled by each employee.
Please consult with a Tax Advisor when deciding which IRA option would be best for you.
Earnings grow tax deferred until withdrawn
Contributions may be tax-deductible
Direct Rollover
IRA Share Account functions as a retirement savings account that can accept regular contributions without waiting for a maturity date. This account can be used to build the total funds needed to reach your yearly deposit goals. Make it even easier to reach the goal through payroll direct deposit or monthly transfers. This account is available for all our IRA options.
IRA Certificates when you want a higher, guaranteed rate of return for a fixed term.
