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Individual Retirement Accounts (IRAs)

Depositing the maximum allowable yearly contribution to an IRA, is a great way to ensure financial peace of mind for your retirement years. We offer Traditional, Roth, and Coverdell Education Savings Account (ESA) IRAs. Click here for current IRA rates.

IRA Facts

  • You can contribute any time, any amount, or none at all.
  • Annual contributions are not mandatory.
  • IRA investments are federally insured up to $250,000.
  • Take advantage of our Share IRAs. Make a budgeted contribution each pay to save for a larger investment plan.

PLEASE NOTE: Information presented is not intended to provide specific advice or recommendations for any individual. We recommend that you consult your attorney, tax, or financial advisor with regard to your personal situation and tax deductibility.

Traditional IRAs

An Individual Retirement Account is a special tax deferred savings plan authorized by the Federal Government to encourage you to accumulate money for retirement. You may withdraw funds from a Traditional IRA any time after you reach age 59 1/2. Distributions taken prior to age 59 1/2 may be subject to early withdrawal penalties.

Roth IRAs

A Roth IRA is an individual retirement account to which participants are able to make annual non-deductible contributions. Unlike a Traditional IRA in which earnings are tax-deferred, Roth IRA earnings can be tax free. You may withdraw your Roth contributions at anytime, without tax and penalty free. "Qualified distributions" may be withdrawn tax and penalty free. "Non-qualified" distributions may be taxable and subject to an IRS early distribution penalty.

Coverdell Education Savings Accounts (ESA)

Formerly known as an Education IRA, Coverdell Education Savings Accounts are an ideal way for you to begin saving money to help a child, or grandchild, pay for higher education expenses down the road. Contributions to a Coverdell Education Savings Account are not tax-deductible, but distributions used to pay for the qualified education costs of the named beneficiary are generally tax free. You may contribute to the account until the beneficiary reaches the age of 18.

Need More Information?

Do you have questions regarding IRAs? Would you like to know how to transfer an existing IRA to earn more dividends? Or would you like to start your investment portfolio by opening a new IRA today? Just e-mail one of our Member Service Representatives, they will be glad to assist you.

 
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