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- Competitive Dividends
- Tax Advantages 1
- Low Annual Service Charge
- Competitive dividends above regular savings rates
- Traditional and Roth IRA options
- No setup charges
- Annual Admin service charge of $20
- $6,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase certificates of deposit within IRA
- $5 minimum deposit to open
Money deposited can be used as a tax deduction or is funded from money that has never been taxed, such as pensions or a 401(k).
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 72 (effective 1/1/2020) This change impacts the RMD requirement for individuals who turn age 70½ in years 2020 or later (IRA owners with a date of birth of July 1, 1949 or later). The SECURE Act, signed into law 12/20/2019.
Money deposited cannot be used as a tax deduction. Money funded in the Roth IRA has already been taxed. Traditional IRA funds can be converted to a Roth; however, taxes are required to be paid.
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution ages
- No age limit on making contributions as long as you have earned income(must be at least 18 to open Roth IRA)
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.