Individual Retirement Account

Traditional IRA

• Contributions (in most cases) are tax deductible, which saves money on income taxes paid each year
• Builds income for retirement
• Defers taxes
• FDIC insured - so your money is secure*
• Funds may be withdrawn for higher education or first time home buying (up to $10,000.00)
• Earns interest
• Flexible methods of contribution and distribution
• Quarterly reporting to account holders

For 2023 Contributions:

• 2023 Standard Contribution: $6,500
• Catch-Up Contribution (Age 50 and older): $1,000.00

For 2024 Contributions:

• 2024 Standard Contribution: $7,000
• Catch-Up Contribution (Age 50 and older): $1,000.00

*Each depositor insured to at least $250,000.

Roth IRA

• Contributions are not tax deductible, but qualified distributions are tax-free after a 5-year holding period
• No mandatory distributions required at the age of 70 1/2 or older
• Funds may be withdrawn for higher education or first-time home buying (up to $10,000.00)
• FDIC insured - so your money is secure*
• Earns interest
• Flexible methods of contribution and distribution
• Quarterly reporting to account holders

*Each depositor insured to at least $250,000.