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IRAs

IRAs

Saving for the future is easy with an Individual Retirement Account.

  • The Traditional IRA is an account that allows you to defer taxes on the earnings of your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.
  • A Roth IRA allows nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, you may benefit more from a Roth IRA than from a traditional IRA if you expect to be in a higher tax bracket when you retire.
  • Interest is compounded daily
  • Minimum $50 per month additional deposits allowed on IRA CDs.

Ask a Financial Services Representative for details and consult your tax advisor or legal professional to see which IRA account is best for you.