Individual Retirement Accounts (IRAs)

• Save for retirement with tax advantages*
• Earn competitive dividends higher than standard savings
• Traditional and Roth options available
• No annual fees or setup fees**
• $5,000 contribution limit per year
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• No minimum balance requirements

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax*
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at age 70 ½

Roth IRA

• Prepare for qualified medical expenses
• Income limits to be eligible to open Roth IRA*
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal*
• Principal contributions can be withdrawn without penalty*
• Withdrawals on dividends can begin at age 59 ½
• Early withdrawals on dividends subject to penalty**
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income