Individual Retirement Accounts

Discover more viable ways to work toward a financially secure retirement with a Traditional IRA certificate, Roth IRA certificate, or Simplified Employee Pension plan (SEP) certificate. Please contact one of our private bankers for guidance on meeting your retirement goals.

Traditional IRA

The Traditional IRA is a good option for those who may be in a lower tax bracket when withdrawals are made.

Benefits

  • Contributions may be tax deductible (consult your tax advisor)
  • Available to everyone (no income restrictions)
  • FDIC insured up to $250,000

Quick Facts

  • $1,000 minimum balance to open
  • No maintenance fees
  • Withdrawals taxed as regular income
  • Annual distributions required after age 70 ½
  • Spousal IRA available
  • IRA transfers, rollovers and regular contributions available

Roth IRA

The Roth IRA is a good option for those who may be in a higher tax bracket when withdrawals are made.

Benefits

  • Tax-free distributions if qualifications are met (consult your tax advisor)
  • No minimum distributions and may still contribute annually after age 70 ½
  • FDIC insured up to $250,000

Quick Facts

  • $1,000 minimum balance to open
  • No maintenance fees
  • Contributions are not tax deductible
  • Must meet income requirements to qualify
  • Spousal IRA available
  • IRA transfers, rollovers and regular contributions available

Simplified Employee Pension Plan

A Simplified Employee Pension plan (SEP) is an employer-sponsored, tax-favored retirement plan that offers small businesses an attractive alternative to standard profit sharing plans. It is an excellent choice for self-employed individuals, as well as partnerships and corporations.

Benefits

  • Eliminates the lengthy and detailed government reporting and restrictive contribution formulas associated with other retirement plans
  • Contributions are tax deductible
  • Earnings are tax-deferred
  • FDIC insured up to $250,000

Quick Facts

  • $1,000 minimum balance to open
  • No maintenance fees
  • Contributions are made directly to a Traditional IRA for each participating employee

This information is general in nature and should not be construed as tax or financial advice. Consult your tax advisor or financial planner for more complete information.