Make your retirement money work for you.

Our IRAs are an important tool in helping you save for your future retirement. Even if you are already saving for your retirement via other investment options, an IRA makes sense as a way to supplement your retirement savings. Always consult your tax advisor before determining which IRA is right for you.

You can open an IRA Savings Account, Certificate or both. Best of all, you select the exact date your IRA CD matures. This ensures your funds are available on your schedule and not anyone else's. All our IRAs are fully insured, up to $250,000 by the NCUA, an agency of the federal government.

IRA's @ A Glance
Traditional Roth ESA  SEP
Maximum Annual Contribution $5,500 (age < 50) $6,500 (age ≥ 50) $5,500 (age < 50) $6,500 (age ≥ 50) $2,000 per designated beneficiary 25% of income Or $53,000
Tax Benefits Tax-deferred growth Contributions may be tax-deductible Tax-free growth
Tax-free qualified withdrawals
Tax-deferred growth
Tax-free qualified withdrawals
Tax-deferred growth Contributions may be tax-deductible
Earnings Grows tax-deferred until withdrawn Grows tax-free Grows tax-free Grows tax-deferred until withdrawn
Taxes Upon Withdrawal Withdrawals are taxed as income None, unless taxed for early withdrawals None, if money is used for education Withdrawals are taxed as income
Withdrawal Restrictions Most withdrawals before age 59½ result in IRS penalties Most dividends withdrawn before age 59½ result in IRS penalties
Withdrawals for non-educational expenses result in IRS penalties Most withdrawals before age 59½ result in IRS penalties
Withdrawals must begin At 70½ None Before beneficiary turns 31 70½
Minimum Balance Requirements None for Savings $500 for IRA Certificates None for Savings
$500 for Certificates
None for Savings
$500 for Certificates
None for Savings
$500 for Certificates
Fees $25.00 withdrawal fee for those under 59½ $25.00 withdrawal fee for those under 59½ None $25.00 withdrawal fee for those under 59½
Traditional IRA

With a Traditional IRA, earnings grow tax-deferred until they are withdrawn. Depending on your individual situation, you can often deduct IRA contributions from your income taxes. You might consider this IRA option if you want tax deductions right now. It also makes sense if you anticipate paying taxes at a significantly lower rate in your retirement years. Check with your tax advisor to determine eligibility.

Roth IRA

With a Roth IRA you can withdraw your contributions (excluding earnings) at anytime.* After a five year holding period and after reaching 59 ½ years of age you can withdraw contributions and earnings tax and penalty free. If you’re still working, contributions from earned income can be made after age 70 ½. A Roth IRA allows you another option to build savings tax free. It also makes sense if you anticipate paying taxes at a higher rate in your retirement years.

Coverdell Education Savings Account (ESA)

A Coverdell Education Savings Account (ESA) offers tax-deferred earnings like the Roth IRA. ESAs can be used for elementary and secondary school expenses the beneficiary may incur while in school. Expenses like tuition, fees, books and computer equipment are all covered. The contribution limit is up to $2,000 a year, depending on your family’s gross income. Joint filers with adjusted gross income (AGI) below $190,000 and single filers with AGI below $95,000 may establish Coverdell ESAs for designated beneficiaries and are eligible for the full contribution amount.

Simplified Employee Pension IRA (SEP)

The SEP IRA is designed to benefit self-employed individuals and small business owners. A SEP IRA has high annual contribution limits and can be established by one person or a business owner with employees. Each SEP set up as a traditional IRA account and follows the same IRS rules too. Employers fund the SEP IRA. This is a great option to consider if you’re self-employed and/or an agency owner.


*Early certificate withdrawal penalties may apply.

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