Saving for retirement is on many minds today.  With the possibility of Social Security running out, or even to supplement that income, putting your money in an IRA will be a great benefit once you reach retirement.  Also, because it is a CD, these IRAs will earn better interest rates, helping to grow your money faster.  Also, with two options, the Roth IRA or the Traditional IRA, we can help find the perfect fit for you, and get you started on watching your money grow.

Benefits of a Traditional IRA:

• Contributions generally tax deductible-consult your tax advisor!
• Contributions and related earnings are federal income tax deferred until distribution
• Distributions may begin at age 59 ½
• Everyone under 70 ½ with earned income can participate

Requirements of a Traditional IRA CD:

• Minimum balances starting at $1,000 or $2,500
• Distributions required April 1st of the year following the year you turn 70 ½
• Distributions taken prior to 59 ½ may be subject to IRS penalty, unless an exception exists
• Penalty for early withdrawal of the CD

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Benefits of a Roth IRA:

• Contributions are not tax deductible, but earnings are free from federal income tax if certain conditions are met
• You can contribute past 70 ½
• No mandatory distribution requirements
• Non-deductible contributions can be withdrawn anytime without federal income tax or IRS penalties

Requirements:

• Minimum balances starting at $1,000 or $2,500
• Penalty for early withdrawal of the CD

Call or visit us today at one of our convenient locations.  We will answer all your questions and help you open up an account that is perfect for you!