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Traditional IRA

It pays to plan ahead so you can have the retirement you desire. An IRA is a great way to prepare for your future. If you are under the age of 70 1/2 with an income, you are eligible to open a traditional IRA.

  • Contributions are tax deductible*
  • Interest earnings are tax deferred
  • Can begin withdrawing at age 59 1/2
  • Early withdrawals are subject to penalty**
  • Mandatory withdrawals begin at age 70 1/2
  • No maintenance fees
  • FDIC insured

*Consult with your tax advisor.

**Certain exceptions apply, such as healthcare, purchasing your first home, and others.

Roth IRA

If used properly, a Roth IRA is an amazing investment which can result in a tax-free retirement. To fully contribute, earnings much not exceed $111,000 annually for a single ($173,000 for married couples).

  • Contributions are not tax deductible
  • Earnings are 100% tax free upon withdrawal
  • Direct contributions may by withdrawn at any time free of penalty*
  • Interest withdrawals can be made at age 59 1/2, penalty free
  • Early interest withdrawals are subject to penalty**
  • No mandatory age for withdrawal
  • No maintenance fees
  • FDIC insured

*Consult with your tax advisor.

**Certain exceptions apply, such as healthcare, purchasing your first home, and others.

Coverdell Education Savings Account (CESA)

This account provides tax-free earnings when the funds are used for the educational expenses (such as college) of a child.

  • Contributions are not tax deductible
  • No income restrictions or limits to open
  • Interest grows tax free
  • Withdrawals are tax free when used for qualified expenses*
  • Beneficiary must be under the age of 18 at account opening
  • Beneficiary does not have to be a relative
  • Mandatory distributions begin when beneficiary reaches the age of 30, if a balance remains
  • Maximum annual contribution of $2,000
  • No maintenance fees
  • FDIC insured

*Qualified expenses include tuition and fees, required books, supplies and equipment, and qualified expenses for room and board.