IRA ACCOUNTS
We believe that a secure and fulfilling retirement starts with smart savings today. Our retirement accounts are designed to help you build a solid financial foundation for the future, so you can enjoy your golden years with peace of mind.
TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT
You can open and deposit into a traditional IRA on your own, without any employer participation, until you reach the age of 70½. These contributions are tax-deductible and all interest is tax-deferred, meaning you won’t pay those taxes until you withdraw funds after retirement.
If something happens, you can dip into those funds before you turn 59½, but a 10% early distribution penalty may apply. This penalty doesn’t apply if you withdraw funds for major life events, such as disability, unemployment, a qualifying first home purchase, qualifying education expenses, death, or receiving your IRA assets in equal payments over your life expectancy after age 70½.
ROTH INDIVIDUAL RETIREMENT ACCOUNT
A Roth IRA is not tax-deductible (contributions are with after-tax dollars), but it offers tax-free growth and tax-free withdrawals in retirement. You can withdraw funds from principal contributions at any time, tax-free. The interest earned is not tax free until you are over the age of 59½, have held the account for at least five years, or have a qualifying reason. Unlike a traditional IRA, there is no limit on how long you can pay into a Roth IRA and you are not required to take payments at age 70½.
COVERDELL EDUCATION SAVINGS ACCOUNT
Give the gift of education by setting up a Coverdell ESA for your child! Anyone can make contributions to the account up to a collective total of $2,000 each year until the child turns 18.
Coverdell ESA funds can help pay tuition, books, room and board for full-time students, and more. Even some K-12 expenses may qualify. If the child decides not to attend college, they need to withdraw the funds by his or her 30th birthday to avoid penalties.