IRA

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IRA 2017-02-10T05:32:12+00:00

IRA Rates

Rate APY Enrollment Fee Annual Fee Closing Fee
2.00 2.01 $3.50 $20.00 $10.00

Traditional IRA

  • Deposits are often tax deductible
  • Earnings are tax deferred until with-drawn
  • Contributions are limited to $5,500.00 for tax year 2015
  • Members age 50 and older may contribute a catch up payment of $1,000.00
  • The Contributor must be under the age of 70 ½ and have earned compensation (wages, commissions, tips) for the tax year

Roth IRA

  • Earnings are tax-deferred
  • Withdrawal of contributed funds will not be taxed
  • The Contributor must have earned compensation (wages, commissions, tips) for the tax year
  • No age limit on contributions or withdrawals
  • Contributions are limited to $5,500.00 for tax year 2015
  • Members age 50 and older may contribute a catch up payment of $1,000.00

Coverdell Education Savings Account

  • Save money for educational expenses your child, grandchild, niece or nephew may incur
  • The IRA is required to be held in the childs’ name (as the designated beneficiary) with a parent or legal guardian as the caretaker of the account
  • Earnings are tax-deferred
  • Distributions are tax-free if applied to qualified education expenses
  • Contribute up to $2,000.00 each year up to age 18.

Health Savings Accounts

  • Savings tool with investment earnings
  • Flexibility to pay current medical expenses or save for future needs
  • Tax-deductible contributions
  • Balance carries over from year to year

Simplified Employee Pension Plans

  • The employer determines whether to contribute and how much to contribute each year
  • Simple to administer and maintain
  • No government reporting
  • Discretionary annual contributions
  • The employer may receive tax credit for start-up costs

Note: The contributors to any of the above mentioned accounts are responsible for determining if the individual account owner is qualified to make or receive contributions.

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