Adding an Individual Retirement Account (IRA) to your retirement savings plan has many benefits. These benefits include safe growth and tax benefits.


Traditional IRA

Tax deductions: Contributions are fully deductible if you or your spouse are not active participants in an employer sponsored retirement plan. Otherwise contributions are subject to Modified Adjusted Gross Income (MAGI).

Best for you if: You expect to be in a lower income tax bracket in retirement. You don’t qualify for a Roth IRA because of your income level.

Eligibility: Under age 70 1/2 with earned income.

What can I invest in? CD

Your profile: Conservative

Terms: CDs maturing between 32 days and 5 years.

Contribution limits: Contact your Personal Banker for contribution limits.

Early withdrawals: Distributions may be subject to a 10% federal early-withdrawal penalty unless distributions are made for specific qualified purposes (consult a tax advisor). Withdrawals prior to maturity are also subject to penalties.

Required minimum distribution: Must begin at age 70 1/2.


Roth IRA

Tax deductions: Contributions are not tax-deductible.

Best for you if: You anticipate remaining in your current tax bracket, or expect to be in a higher tax bracket after retirement.

Eligibility: Any individual with earned income, subject to Modified Adjusted Gross Income (MAGI) limitations.

What can I invest in? CD

Your profile: Conservative

Terms: CDs maturing between 32 days and 5 years.

Contribution limits: Contact your Personal Banker for contribution limits.

Early withdrawals: Withdrawals of contributions are federal income tax-free and penalty-free. Withdrawals of earnings are tax-free and penalty-free if made after five years and contributor is age 59 1/2 or they are used for certain qualified withdrawals (consult a tax advisor). Withdrawals prior to maturity are also subject to penalties.

Required minimum distribution: Not required at any age for the contributor during their lifetime.


How To Open

Open by visiting your local branch and talking with a Personal Banker.




Have questions or need more help?  Request information online or contact your local branch