Individual Retirement Accounts

Individual Retirement Accounts (IRA)*

An IRA is a great tool to help build your retirement plan. These IRAs can be taken in the form of Savings or Certificates, depending on how often you wish to deposit into them. IRA Savings can have monthly deposits, while IRA Certificates are started with a lump sum of money and cannot be increased until the Certificate term ends.

  • Traditional IRA
    You can invest up to $6,000 a year ($7,000 if over age 50) in a Traditional IRA. The dividends you earn are tax deferred. See your tax advisor, because your contributions may also be tax deductible.
  • Roth IRA
    You can invest up to $6,000 a year ($7,000 if over age 50) in a Roth IRA. Contributions are not tax deductible.

*IRS rules for IRA deposits and withdrawals apply. Additional terms and conditions apply, please consult your tax advisor for more information

Coverdell Education Savings Account

It’s never too early to start saving for education expenses! A Coverdell Education Savings account is just one of the many programs available to save for college. Check with your financial advisor for more options.

  • Educational savings account for minors under age 18.
  • No more than $2,000 total each year may be deposited into all accounts opened on the minor’s behalf.
  • Contributions are not tax-deductible, but they may earn interest tax-deferred until distributed. The minor will not owe tax on any distribution from the account if it is equal to or less than the minor’s qualified education expenses at an eligible educational institution for the year. Amounts distributed from an ESA that exceed the minor’s qualified education expenses may be subject to income tax and to an additional 10 percent penalty tax.

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