Tuesday, July 29, 2014
 
 
 
 
 
 
 
 
 
Deposit Products
IRAs

Traditional | Roth

Begin saving money while deferring your tax obligation later in life. With an IRA you can contribute $3000.00 annually that grows tax free until you withdraw it from the account. Since you are not paying taxes on the annual earnings, your IRA maximizes the effects of compounding interest. After the age of 59 and one-half years you can withdraw the money as you like without penalty. We offer two different types of IRAs – the Traditional IRA and the ROTH IRA. Both are wonderful savings instruments but have specific advantages depending on your financial circumstances. To find out which product is best for you use our Traditional vs. Roth IRA calculator or call on our IRA specialists directly at any of our three convenient locations.

Traditional IRA

Annual Contributions up to $3,000.00 annually Non employed spouse can participate up to $3,000 annually Catch up contributions allowed for account holders older than 50 Monies are never taxed until withdrawn Monies cannot be withdrawn without penalty until age 59.5 Exceptions to the early withdrawal penalty include:

    Educational Use Catastrophic Medical Use Purchase of Primary Residence

Early Withdrawal Penalty is equal to 10% on amounts withdrawn Monies grow tax deferred and are only taxed when withdrawn Annual Contributions may be tax deductible based upon your individual and joint income amounts

ROTH IRA

Annual Contributions up to $3000.00 annually Non-Employed spouse can participate up to $3,000.00 annually Catch up contributions allowed for account holders older than 50 Annual Joint Income cannot exceed $150,000.00 Contributions and Withdrawals are never taxed Monies cannot be withdrawn without penalty until age 59.5 Exceptions to the early withdrawal penalty include: Education Use Catastrophic Medical Use Purchase of Primary Residence Early Withdrawal Penalty is equal to 10% on amounts withdrawn Annual Contributions may be tax deductible based upon your individual and joint income amounts

 

  
   
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