IRAs

TRADITIONAL, ROTH, ROLLOVER, & SEP IRAs (Individual Retirement Account)

• Tax savings*
• Tax deferred earnings*
• Build retirement security
• Supplement your employer-sponsored plan
• Rollover an existing IRA or employer-sponsored plan
• Consolidate all your retirement accounts
• Minimum of $500.00 to open

Simply call or stop by any of our locations and speak to an IRA representative. We'll be happy to explain these accounts in more detail and help you complete the simple forms necessary to establish your IRA.

Getting Comfortable with Individual Retirement Accounts..

Come discover the benefits of our IRA products. An IRA is an excellent tool for retirement savings. Unlike most investments, depending on the type of IRA you choose, contributions may be tax deductible* and will grow either tax-deferred or tax-free.

Contribution Deadlines

Contributions to Traditional and Roth IRAs must be opened and funded by April 15th for the previous year. A taxfiling extension will not buy you extra time.

Traditional IRAs

The annual contribution limit for 2008 is $5,000*. After 2008, the contribution limit will be adjusted annually for inflation in $500 increments. The annual limit applies to any combination of IRA plans. Contributions may be tax deductible* if you are not an active participant in an employer retirement plan. Investments grow on a tax-deferred basis, earnings are taxed only upon withdrawal. Distributions must begin at age 70 1/2.*

Roth IRA

As long as you have earned income, you can establish and contribute to a Roth IRA even after age 70 1/2. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free and unlike Traditional IRAs, you are not required to begin taking required minimum distributions after reaching age 70 1/2. By converting your Traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals. However, the amount you convert is subject to income tax now.*

Make Up for Lost Time

Individuals who have reached age 50 by the end of the year will be able to make additional Catch-Up contributions to their Traditional or Roth IRA. The additional Catch-Up amount is $1,000.

*Consult your tax advisor.

Member FDIC