Saving for retirement is one of the most challenging and important financial goals you will face. As a trusted partner, we promise to focus on your individual retirement needs.
Whether your retirement is a lifetime away or just around the corner, it’s never too early to start planning. We offer a wide range of retirement products and services designed to help you reach your retirement goals.
Find out how much you should be saving for retirement.
Take advantage of tax-deferred earning and possible yearly tax deductions with a Traditional IRA. Begin taking distributions by age 59½ years.*
For 2015 and 2016, you can contribute up to $5,500. The catch up contribution limit for individuals age 50 or older allows an additional $1,000 contribution. Contributions cannot exceed your annual income.
*Withdrawals prior to age 59½ are subject to 10% Federal IRA penalty. Additionally, withdrawals from your IRA before the maturity date may also be subject to an early withdrawal penalty.
If you’ve recently changed jobs or retired and would like to protect the balance in your previous employer’s retirement plan, a Rollover IRA is for you.
An individual generally has 60 days from the date he or she receives an eligible rollover distribution to contribute the assets to a Rollover IRA but may request a trustee-to-trustee transfer to move assets between IRAs that wouldn’t be subject to the 60-day rollover deadline.
A Roth IRA gives you added flexibility in saving for your future. This type of IRA allows your investment dollars to build and be withdrawn tax-free if certain conditions are met.
Unlike a Traditional IRA, Roth IRA contributions are not tax-deductible.
For 2015 and 2016, you can contribute up to $5,500. The catch up contribution limit for individuals age 50 or older allows an additional $1,000 contribution. Contributions cannot exceed earned income but are subject to AGI limits.
*Withdrawals prior to age 59½ could be subject to 10% penalty. Additionally, withdrawals from your IRA before the maturity date could also be subject to an early withdrawal penalty.
Start saving for your child’s college education today. With the cost of college tuition on the rise, an Educational IRA can help ease the burden of funding a student’s education. This IRA may be established for any child under the age of 18.
*If a child receives a scholarship or does not go to college, you may elect a tax-free rollover from one student’s Education IRA to that of another family member (Rollovers do not affect the annual contribution limit). Funds in an Education IRA must be distributed, or transferred to another family member’s Education IRA, at the time the designated student reaches age 30. If the funds are not used for qualified education expenses, withdrawals are generally taxable and may be subject to a 10% penalty.
To learn more about IRAs visit our IRA Service Center. Learn more