Individual Retirement Plans (IRAs) - Deposit Based

Save the way that makes sense for you.

An individual retirement account (IRA) can play a huge role in your retirement strategy. There are different types of IRAs with different unique benefits, and none of our IRAs have a maintenance fee. Understanding your options can better prepare you for retirement.

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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 in any year allowing flexibility
  • Contributions may be tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawn
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty*
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA*
  • Contributions are NOT tax deductible
  • Earnings may be 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty*
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

We're here to help you understand your retirement options. Get in touch with us and together, we’ll plan for your future.

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Term IRA

An IRA can be a terrific way to save for retirement. Being able to choose the term length helps you plan for your retirement with specific milestones in mind. With fixed or variable rate options and potential tax advantages, our term IRA lets your savings grow during a term of your choice.

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No Term IRA

Saving for retirement is a bit like building a house brick by brick. It may seem like just a small addition in the moment, but if you keep stacking, a home starts to take shape. Our no term IRA gives you the flexibility to contribute money at any time, earn interest, and benefit from potential tax advantages – all without any specific term length.

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Rollover IRA

If you have a 401(k) or an employer-provided qualified retirement plan from a previous employer, one of your options is to roll over the funds into an IRA. This rollover IRA prevents you from having to pay taxes or withdrawal penalties at the time funds are transferred and could help you defer income taxes for years. You may also have more investment choices available to you than were offered in your employer-provided retirement plan.

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Inherited IRA

An IRA can offer advantages as a way to pass along money to your family or other beneficiaries. IRS regulations allow the ability to extend IRA benefits over time, with an election of annual payments for the life of the recipient or for a fixed number of years. There is also the option of a lump sum payment, and spouses can rollover an inherited IRA into their own IRA. We’re happy to discuss your options if you are inheriting an IRA or your estate plan includes IRA assets.

If you’re inheriting an IRA, or planning to leave one behind, we’re glad to discuss your options with you.

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A simplified employee pension plan (SEP) is an easy way for employers to contribute directly to an employee’s retirement savings . Only employers can make contributions to a SEP, by depositing funds into a type of traditional IRA called a SEP IRA. A major advantage of a SEP IRA is the higher contribution limit per year – up to 25% of an employee’s pay can be contributed. If you’re self-employed, you can benefit from setting up a SEP IRA to save for your own retirement.

Additional terms and conditions or fees may apply to the product described. Please contact us or visit one of our branches for full account details.