Benefits

• Worry-free savings with tax-deferred earnings, plus tax-deductible contributions
• Retirement earnings are 100% free from federal income tax until you take distributions
• Gives flexibility to easily move funds if your investment goals change
• Call today and let us help you start saving for your retirement!

• Provided certain guidelines are followed, every dollar invested grows tax-free and is distributed back to you tax-free
• Funds are always available if at any time you need to take a withdrawal
• No age mandated distribution requirement which means more flexibility to plan
• Call today and let us help you start saving for your retirement!

What is it?

A personal tax-favored savings account that allows for tax-deductible contributions for most people.  Earnings are not taxed until you begin to withdraw from your Traditional IRA.

While contributions to your Roth IRA are not tax deductible, the best part is what happens when you withdrawal from the account. Provided certain conditions are met, withdrawals are tax-free and penalty-free.

Who is eligible to contribute?

An individual who has earned income is eligible to contribute. You are permitted to participate in another retirement plan, such as one sponsored where you work. For married couples, you and your spouse may each have your own IRA; however, you may not have a joint IRA.

An individual who has taxable compensation, or is married filing jointly and his or her spouse has taxable compensation, there is no age limit for contributing. Income limits apply.

How much can I contribute?

 For 2023, the contribution limit is $6,500 if you are under age 50, and $7,500 if you are age 50 and older. Call for information on additional guidelines and requirements.

For 2023, the contribution limit is $6,500 if you are under age 50, and $7,500 if you are age 50 and older. Call for information on additional guidelines and requirements.

When can I make contributions?

Contributions for a year may be made up to the tax-filing deadline (usually April 15^th) for that year, not including extensions.

Contributions for a year may be made up to the tax-filing deadline (usually April 15^th) for that year, not including extensions. Remember, there is no maximum age limit; if you are working, contributions can be made for the year.

Are contributions tax deductible?

Your contributions are fully deductible if, for the year you contribute, you (you and your spouse, if married) do not actively participate in a retirement plan at work; however, you (or your spouse) may be eligible for either a full or a partial deduction based on your tax-filing status and income. If your income exceeds the limits set for that year, no deduction will be allowed.

Never is federal income tax deductible however; you can convert all or part of your Traditional IRA or workplace retirement plan (WRP) to a Roth IRA. Call for more details.

Are distributions subject to IRS 10% early distribution penalty?

The taxable portion is subject to the IRA 10% early distribution penalty, unless the individual is age 59½ or older, or an exception applies.

Same as Traditional, except conversion funds that are distributed within five years are also subject to the IRS 10% penalty, unless the individual is age 59½ or older, or an exception to the penalty applies

When must distributions begin?

Contact our IRA Department for the most current information concerning Required Minimum Distribution (RMD) dates.

Not required during the owner’s lifetime but can be taken out at anytime.