Individual Retirement Accounts (IRAs)

• Competitive dividends
• Traditional and Roth IRA options
• No setup fees
• $10 annual maintenance fee (see fee schedule)
• Deposits are permitted at any time
• Annual contribution limits apply (see current contribution limits)
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• Funds can be used to purchase CDs within IRA
• Withdrawals are permitted upon maturity (subject to IRS regulations and penalties)
• $500 minimum deposit to open

IRA Share Certificate

In order to invest in IRA share certificates, the member must maintain an IRA Share account.

• Opening balance is $500
• A minimum average daily balance of $500 to maintain the certificate
• Certificates are subject to early withdrawal penalties and IRS regulations
• Variable interest rates
• Statements may be received through mail or online

IRA Conversion Calculator

There are advantages to traditional and Roth IRAs, but one of the biggest differences is when you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax¹
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59½
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 70½

Roth IRA

• Income limits to be eligible to open Roth IRA³
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal¹
• Principal contributions can be withdrawn without penalty¹
• Withdrawals on interest can begin at age 59½
• Early withdrawals on interest subject to penalty²
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

Additional Information

Learn more about saving for retirement using Traditional and Roth IRAs on the IRS.gov site.

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

³Consult a tax advisor.