 IndividualRetirement Accounts
Designed to help you accumulate the nest egg you need for your golden years
– or – to manage your retirement rollover account. Our easy-to-use Calculators page will help you plan for your golden years.
- No minimum balance required
- No opening fees
- One month to five year maturities for Certificates of Deposit
- FDIC Insured
- Semi-annual statements provided
If you have questions or would like additional information please utilize our secure on-line form or e-mail us. You may also contact a Personal Service Representative at any of our convenient branch locations.
A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Certain contributions are tax deductible in the tax year they are made. Deductibility of your contribution is based on IRS guidelines. All earnings on your traditional IRA remain tax deferred until you make withdrawals, which are taxed as income during the tax year of their withdrawal.
The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distribution reasons after five years. To qualify for a ROTH IRA, you must have earned income (or your spouse must have earned income). You may contribute any amount up to 100% of our compensation or $5,000 (whichever is less), as long as your Modified Adjusted Gross Income is within the limits established by the government.
There are substantial penalties for early withdrawal. Deposits are insured up to $250,000.
| Characteristic |
Traditional
IRA |
Roth IRA |
| Individual Annual Contribution Limit |
$5,000 ($6,000 if aged
50 or older) |
$5,000 ($6,000 if aged 50 or
older) |
| Earned income requirement |
Contributions may not exceed
100% of earned income |
Contributions may not exceed
100% of earned income |
| Spousal contributions |
Allowed if married filing jointly,
generally up to $5,000 each ($6,000 if aged 50 or older) |
Allowed if married filing jointly,
generally up to $5,000 each ($6,000 if aged 50 or older) |
| Contribution deadline |
Individual's tax filing deadline,
not including extensions |
Individual's tax filing deadline,
not including extensions |
| Minimum age for contributions |
None |
None - contributions may be
made at any age |
| Maximum age for contributions |
Tax-year contributions may
be made only for years before age 70 |
None - contributions may be
made at any age |
| AGI*
limit for conversion from Traditional IRA, etc. |
Please ask our Personal Service
Representatives for details |
Please ask our Personal Service
Representatives for details |
| Contributions MAGI**
phase-out ranges for 2009 contributions | If you are married, filing jointly, and are not
an active participant in a retirement plan at work, but your spouse is,
determine your combined MAGI**
and refer to the following chart: |
Tax Filing Status |
Full Contribution if MAGI
is |
Limited Contribution if MAGI
is |
No contribution if MAGI
is |
| Tax Filing Status |
Full Deduction if MAGI
is at or below: |
Limited Deduction if MAGI
is more than / but less than |
No Deduction if MAGI
is at or above: |
Single |
$105,000 or less |
$105,000 to $120,000 |
$120,000 or more |
| Married Filing Jointly |
$167,000 |
$167,000 / $177,000 |
$177,000 |
Married Filing Jointly |
$167,000 or less |
$167,000 to $177,000 |
$177,000 or more |
| If you are an active participant
in a retirement plan at work (regardless of whether your spouse is, if married)
determine your combined MAGI** and refer to the following chart: |
Married Filing Separately |
$0 or less |
$0 to $10,000 |
$10,000 or more |
| Tax Filing Status |
Full deduction if MAGI
is at or below: |
Limited Deduction if MAGI
is more than / less than: |
Deduction if MAGI
is at or above: |
|
| Single |
$56,000 |
$56,000 / $66,000 |
$66,000 |
| Married Filing Jointly |
$89,000 |
$89,000 / $109,000 |
$109,000 |
| Married Filing Separately Any year |
$0 |
$0 / $10,000 |
$10,000 |
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