Individual Retirement Accounts (IRAs)
It’s never too early to be thinking about retirement. Whether your goal is higher education for your children or retirement for yourself, we offer a product to help you reach your goals.
Traditional
Our Traditional IRA allows you to defer taxes on your earnings until they are withdrawn. Certain contributions into this account are even tax deductible.
We encourage you to contact your tax advisor to discuss your tax deductibility status when making retirement decisions.
Roth
The major benefit of our Roth IRA is tax-free earnings growth.
If you expect to be in a higher tax bracket when you retire, our Roth IRA may be more beneficial to you.
We encourage you to contact your tax advisor to discuss your tax deductibility status when making retirement decisions.
IRA Comparison Chart
|
Details
|
Traditional IRA
|
Roth IRA
|
|---|
| FDIC Insured |
Up to $250,000 |
Up to $250,000 |
|
Contribution Eligibility
|
Earned income in the calendar year |
Earned income in the calendar year |
| Annual Contributions |
Not Required |
Not Required |
| Income Limits |
None |
Set By Eligibility MAGI Thresholds |
|
Maximum Annual Contributions
|
$6,000
$7,000 for those older than 50
|
$6,000
$7,000 for those older than 50
|
|
Spousal Contributions
|
Accepted
|
Accepted
|
|
Contribution Due Date
|
April 15 of the next calendar year
|
April 15 of the next calendar year
|
|
Tax Consequences
|
Tax-deferred earning. Contributions may be tax deductible.
|
Tax-free distributions at retirement. Contributions are made with post-tax dollars.
|
| Distributions |
If obtained age 70½ by December 31,2019, must begin by April 1,2020.
Anyone obtaining age 70½ in year 2020 or after must begin by April 1st following their 72nd birthday.
|
No mandatory disbursements |
|
