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Individual Retirement Accounts (IRAs)

No matter how many crystal balls, palm readers, or magic 8-balls we consult, none of us can actually know the future. But that doesn't mean that we can't prepare for it.

Now is the time to set up a retirement plan so that when you're ready to stop working, you're financially prepared. Save money and earn interest with a specialized investment plan built just for you, so when you're old and gray, you can sit around with a big smile on your face playing canasta...whatever that is.

Individual Retirement Accounts (IRAs)
  • Set aside funds for retirement
  • Interest bearing accounts
  • Various rates and terms to choose from
  • Some age and deposit limits apply
  • Deposits can be tax-free or tax-deferred
  • Flexible packages to meet most needs
  • FDIC insured
Types of IRAs

These are some of the basic details on several types of IRAs we offer. Contact us for more information or consult your tax advisor to find out which is right for you.

Traditional IRA

  • Dividend earnings are tax deferred until withdrawal
  • Contributions are tax deductible
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty*
  • Mandatory withdrawals begin at age 70½

Roth IRA

  • Dividend earnings are tax free
  • Contributions are NOT tax deductible
  • Principal can be withdrawn penalty-free
  • Withdrawals of earnings can begin at age 59½; early withdrawals subject to penalty*
  • No mandatory withdrawals

Coverdell Education Savings Account

  • Formerly called Educational IRAs
  • Interest grows tax free
  • Withdrawals tax free when used for qualified education expenses
  • Contributions are NOT tax deductible
  • Contributions can be made until the child is 18 years old
  • Funds must be distributed when recipient reaches age 30
  • Contributors do not have to be related to recipient

*Certain exceptions apply. Non-penalized withdrawals include healthcare, purchasing first home, et al.