Our Individual Retirement Account (IRA) helps you plan ahead for retirement. The earlier you start to save, the longer your nest egg will grow. You don’t need lots of money to get started. In fact, you can begin your retirement savings plan with as little as $500.00. We offer both Traditional and Roth IRAs, so you can choose the account that best suits your needs.
All our IRAs are “open” Certificates of Deposit (CDs), which gives you the opportunity to make additional contributions or take distributions without opening a new account.
3-60 month IRA CDs require a $500.00 minimum balance. Early withdrawal penalties may apply if the CD is closed before maturity.
Traditional IRAs may be opened by anyone under age 70-1/2 with earned income. “Spousal” IRA accounts are also available to provide for a non-working spouse. Depending on your income, your contributions may be tax-deductible in the year the contribution is made. You will pay tax at the time you make a withdrawal. Interest earned on the account is tax deferred until it is withdrawn. You may start to take distributions from the IRA at age 59-1/2, but you must begin distributions by age 70-1/2.
Roth IRAs may be opened by anyone who meets the income limits, which may change annually. Contributions to the account are not tax-deductible. Tax-free distributions may be made after a five-year holding period; however, distributions are not required to be taken from the IRA.