What is an IRA?
IRAs allow for you to make tax-deferred investments to provide financial security when you retire. When you’re planning for retirement, its important to consider how you want to save. There are two types of IRA accounts you can set up, Traditional and Roth. There are some points below to help with choosing between the two.
Traditional vs Roth, which to invest in
A Traditional IRA may allow you to make pre-tax contributions towards your future retirement.
- Contributions made into a traditional IRA can be fully or partially deductible, depending on your filing status and income
- Amounts in you traditional IRA (including earnings and gains) are not taxed until distribution.
A Roth IRA allows you to make after-tax contributions
- Contributions made grow tax-free
- Enjoy penalty and tax free withdrawals after age 59&1/2
IRA Passbook Accounts
Looking for some help with retirement? Look no further then our IRA Passbook Accounts helping you set aside funds every year for your retirement! We work with Traditional or Roth plans, and may be tax-deferred, make sure to contact your tax advisor for details. Following Limitations apply,
- Minimum starting deposit of $25
- Dividends are paid monthly on accounts with balances over $100
- All transactions are governed by IRS regulations and the Account Agreement
IRA Share Certificate
Want to start saving for retirement but have big plans for the future? Our IRA Share Certificates are here to help. Investing in a IRA Share Certificate means you are locking up your funds for the duration of the Certificate but getting a stronger return in your Dividends than with a traditional Passbook Account. Working with both Traditional or Roth plans, talk with your tax advisor to see if this is the plan for you.
We are happy to offer the following levels for your IRA Share Certificate.
- IRA 18 Month
- IRA 24 Month
- IRA 36 Month
Following Limitations apply at any level,
- Minimum opening deposit of $1000
- Dividends are paid Quarterly rather than Monthly
- Early Withdrawals are subject to a interest earned penalty
- All transactions are governed by IRS regulation and the Account Agreement