It pays to plan ahead. Make sure you get the retirement of your dreams with one of our tax-advantaged IRAs. We offer Traditional and Roth, or SEP and SIMPLE IRAs for self-employed individuals or small business owners. Let our experts help you find the best option for your specific needs, and start saving for your retirement today.

Details
  • Save for retirement and future expenses
  • Competitive, variable interest rates
  • Fixed and variable rate options
  • Various term options available, from 6 to 60 months
  • No set up fees
  • Tax deductible or tax deferred accounts
  • Traditional, Roth, SIMPLE, SEP, rollover, or transfer IRAs available
  • Federally insured to protect your financial future
  • $1,000 minimum deposit to open
Traditional vs. Roth

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 may be tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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 interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.

SEP IRA

Simplified Employee Pension (SEP) IRAs are available for businesses of any size and self-employed individuals.

  • Earn competitive interest on entire balance
  • Contributions are tax deductible; your business pays no taxes on earnings
    • Contributions made only by the employer
    • Only self-employed may make contributions on their own behalf
  • Little to no documents to file with government
  • Inexpensive to set up and operate
  • Flexible annual contributions – good plan if cash flow is unpredictable
  • Can contribute up to 25% of each participant's annual compensation (earned income)
    • Or, up to the maximum allowable limit for current plan year, whichever is less*
    • Must contribute equally for all employees
  • Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
  • $1,000 minimum deposit to open

*Consult a tax advisor.

SIMPLE IRA

Savings Incentive Match Plan for Employees (SIMPLE) IRAs are available for small businesses, generally with 100 or fewer employees.

  • Earns a competitive interest rate
  • Employer must not have any other retirement plan
  • Minimal paperwork necessary; no filing requirements
  • Inexpensive to set up and operate
  • Lower contribution limits than some other retirement options
  • Employees share responsibility of growing their retirement
  • Each year, employer is required to contribute:
    • Matching contribution up to 3% of compensation, or
    • 2% nonelective contribution for each eligible employee*
  • $1,000 minimum deposit to open

*Consult a tax advisor.

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