Individual Retirement Accounts (IRAs)

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• Save for retirement with tax advantages¹
• Competitive dividends above standard savings rates
• Traditional and Roth IRA options available
• No monthly or annual maintenance fees
• Annual contribution limits apply (see current contribution limits; $6,500 as of 2023)¹
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• Funds can be used to purchase Certificates within IRA
• $25 minimum contribution to open²

¹Consult a tax advisor.

²$25 minimum deposit on Regular Savings account required for membership.

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which 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 time of retirement.

Traditional IRA

• Contributions allowed at any age if you or your spouse (if filing jointly) have earned income
• $25 minimum opening deposit
• Contributions may be tax deductible on federal income tax¹
• Earnings are tax deferred until withdrawal
• Normal withdrawals can begin at age 59 ½
• Required Minimum Distribution (RMD) at age 73 beginning 2024 (unless already receiving)

Roth IRA

• Income limits to be eligible to open Roth IRA³
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal¹
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty²
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

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

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

³Consult a tax advisor.