Individual Retirement Accounts
A plan which allows an individual's retirement savings to grow tax-deferred, providing tax savings and a more comfortable retirement.
- Account may be opened and contributions made for a particular tax year up until April 15 of the following year
- Contributions may be tax deductible*
- Savings instruments may be variable or fixed
- FDIC Insurance
- May begin withdrawing at age 59 1/2
- Flexibility, may vary amount each year
- Potential tax savings
- Retirement income
- Minimum deposit: $50.00 for variable rate IRA
- Minimum deposit: $1,000.00 for a fixed rate IRA
*Consult a tax advisor regarding the deductibility of interest.