IRAs
New stages of life will also come with unique financial needs. But don’t worry—we’ve got you covered for those too. Looking to save for retirement, buy a new home or finance your child’s education? We have the IRA just for you.
With penalty-free withdrawals and tax-free earnings, IRAs are perfect for retirement savings, rolling over a pension payout, buying a new home or paying for education costs. Take a look at what we have to offer!
Types of IRAs
Who Can Contribute
Anyone under the age of 70½ who receives income from compensation or is filing jointly with a spouse who earns compensation is eligible for a Traditional IRA.
Tax Benefits
- Certain contributions are tax-free
- All earnings are tax-deferred
- Penalty-free distributions for first-time home purchases or higher education expenses
Who Can Contribute
Those eligible for a Roth IRA must have income from compensation or be filing jointly with a spouse who earns compensation. Must also have the following modified gross income:
- Up to $95,000 (single filers)
- Up to $150,000 (joint filers)
Tax Benefits
- While contributions are non-deductible, qualified distributions (such as contributions made after the age of 59½) are tax free.
- Distributions are penalty free for higher education expenses, large medical expenses and certain health insurance premiums.
Who Can Contribute
Eligibility for an Education IRA is the same as a Roth IRA. However, contributions do not have to come from compensation. Contributions are also not allowed after the beneficiary reaches the age of 18.
Tax Benefits
- Withdrawals are tax-free and penalty-free for qualified higher education expenses.
- Funds can be transferred between children’s accounts in the family.
Click here to view our IRA rates.
For more information about our IRAs, please contact us.