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Build Wealth and Postpone Taxes

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Saving for Retirement Is Easy with a Traditional IRA

Did you know you can lower your current taxable income by making tax deductible contributions to a traditional IRA (Investment Retirement Account)? And your earnings aren’t taxed until you make a withdrawal.

Saving for retirement has never been easier!

To open an account stop into any of our branches or call us at 800.761.2400.

 

Traditional IRA 101

Who can contribute to a Traditional IRA?

You can contribute to a Traditional IRA if you or your spouse filing jointly, has taxable income.

Are my contributions tax deductible?

Contributions are typically tax-deductible, subject to certain conditions.

How much can I contribute annually?

$7,000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older.

When can I withdraw money?

When you turn 59 ½ years old you can withdraw money from your IRA without paying a penalty.


At age 73, you must begin taking minimum required distributions.

We do not offer tax advice. You should always consult with a tax professional when it comes to your contributions and deductibility.

Please see our Truth-In-Savings Disclosure for full details and our Rates Page for the most current rates.

 

Traditional IRA v. Roth IRA

 

Traditional IRA

Roth IRA

Income Limits

No income limits to make contributions.

Adjusted Gross Income (AGI) must be below certain limits.

Tax Status of Contributions

Contributions are tax-deductible, subject to certain conditions.

Contributions can NOT be deducted from taxable income.

Annual Contribution Limits

$7,000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older.

$7.000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older.

Account Earnings

Account earnings are taxable when they are withdrawn.

Account earnings are tax-free when they are withdrawn.

Minimum Age for Withdrawing Money Without Penalty


59 ½


59 ½

Minimum Age for Required Minimum Distributions (RMDs)


73


N/A

Learn More about a Roth IRA