Individual Retirement Accounts (IRAs)
Individual Retirement Accounts (IRAs) allow you to make contributions to reach financial security for your retirement. There are numerous types of IRA’s, each of which comes with its own benefits and guidelines. Traditional, ROTH, SEP, and Simple IRA plans available. Terms range from 6 months to 7 years with fixed and variable rates. *
Additional educational information on IRAs available on our Financial Wellness Center.
*Please consult your tax advisor for specific cases.
Additional Details on IRAs
Qualifications
Individual must have earned income for the year they are making their IRA contribution. Individual must be under the age of 70 1/2 in the year they wish to make a contribution.
Benefits
- FDIC Coverage up to $250,000.00 per individual per institution.
- Higher rates than a savings account
- No annual fees
- Possible tax benefits.
- Choice between fixed rate or variable rate product.
Traditional IRA
A tax-advantaged personal savings plan where contributions may be tax deductible.
Roth IRA
A tax-advantaged personal savings plan where contributions are not deductible but qualified distributions may be tax free.
SIMPLE (Savings Incentive Match Plan for Employees)
A Savings Incentive Match Plan for Employees set up by an employer. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions, and the employer makes matching or nonelective contributions.
SEP (Simplified Employee Pension Plan)
A Simplified Employee Pension plan set up by an employer. Contributions are made by the employer directly to an IRA set up for each employee.
*APY = Annual Percentage Yield. Fees on account may reduce earnings. Early withdrawal penalty may apply.
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