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Open a Savings Account  Calculators

Individual Retirement Account (IRA)

What are the benefits to you?

  • Save for retirement
  • Tax benefits
  • FDIC insured ($250,000)
  • Can contribute $5,000 earned income for single filers
  • Can contribute $10,000 earned income for joint filers ($5,000 for each person)
  • An additional $1000 per year contribution for individuals over the age of 50
  • Can open a fixed CD -$500
  • Can open a variable CD - $10
  • Choose between Traditional and Roth

Traditional

  • Tax deferred interest
  • Possible Tax-deductible contribution (No tax deduction after $160,00 MAGI)
  • Can contribute up to the year before age 70 ½
  • Must begin RMD distribution at 70 ½
  • No income limit

Roth

  • Tax Free Interest IF left in for 5 years AND taken out for any one of the four following reasons:
    • 59 ½ ( retirement)
    • Death
    • Disability
    • First time home buyer ($10,000 lifetime limit)
  • Non-deductible contribution
  • Can contribute up until any age
  • Never have to begin distributing (No RMD)
  • Single filers must have MAGI under $110,000 to open.
  • Married filers must have MAGI under $160,000
    • CD penalties will apply if term is broken prior to age 70 ½
    • Premature distributions of basis and interest incur a 10% penalty prior to age 59 ½
    • All contributions must be from EARNED income (wages and tips)
  • Traditional: Must begin distribution at 70 ½
  • Roth: Single filers must have MAGI under $110,000 to open. To open married filers must have MAGI under $160,000

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