FDIC-Insured - Backed by the full faith and credit of the U.S. GovernmentRetirement Accounts
Individual Retirement Accounts allow you to save for retirement with potential tax advantages.
Traditional IRAs are individual retirement plans that have the potential to grow tax deferred
- Annual contributions may be tax deductible
- Annual contributions are limited
- Allow for tax deferral until withdrawals are made beginning at age 59½ or later (Withdrawals made earlier could result in a 10% tax penalty.)
ROTH IRAs are individual retirement plans that can allow tax free earnings
- Contributions are made with after tax income
- No deduction on tax returns
- Annual contributions are limited
- Withdrawals are tax free if certain restrictions are met
- Potential income restrictions
Withdrawals prior to age 59½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.
The information is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.
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Not Bank Guaranteed |
Not Bank Deposits or Obligations |
May Lose Value |
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