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INDIVIDUAL RETIREMENT ACCOUNTS


An IRA is a great savings program to prepare for your retirement. You may choose from a Traditional IRA or a Roth IRA.  Your investment term can be from 30 days to 60 months with a minimum opening deposit of $500.00

 

Traditional IRA:

If you are under the age of 70 ½ for the entire year AND have earned income, you are eligible to establish or contribute to a Traditional IRA.  If you qualify, you may also receive a tax deduction for your contribution.  If you are not participating in an employer sponsored retirement plan your contribution will be tax deductible.  If you are a participant in an employer sponsored plan, you are still eligible to contribute, but all or part of your contribution may not be deductible. See your tax advisor for you deductibility. 

Roth IRA:

If you have earned income AND your modified adjusted gross income (MAGI) does not exceed certain limits, you can make a contribution to a Roth IRA.  Your contributions to a Roth IRA are not tax deductible, your interest and withdrawals are completely tax-free after a five-year holding period.  There are no age restriction on contributions to a Roth IRA.  See your tax advisor for your eligibility.

Recent laws have changed the maximum allowable contribution amount for IRA’s up to $5,000.00 for tax year 2010.  IRA owners over the age of 50 can make a special “catch up” contribution amount of an additional $1,000.00.

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