Save for Your Future! It is never too early to set your retirement goals and take action.

Income limits have been raised so more people can make tax-deductible contributions. Qualified distributions are penalty-free for a first-time home purchase and higher education expenses.

Who Can Contribute

• Anyone under the age of 70 ½ who has earned income
• A ‘Non-Working’ spouse who is filing jointly with a spouse who has earned income

Contribution Limits

• $5000 for anyone age 50 and under
• Up to $6,000 if 50 years of age or older
• Contributions cannot exceed earned income
• Cannot exceed maximum contributions for both a ‘Roth’ and ‘Traditional’ IRA

Tax Advantages

• Earnings are tax-deferred until you withdraw them
• Individuals can contribute for prior year up to April 15th of current year or the tax return due date

Withdrawals

There are no penalties for withdrawing money from your Traditional IRA for the following reasons:

• You’ve reached age 59 ½
• Qualified higher education expenses
• First time home purchase with a $10,000 maximum withdraw
• Disability
• Qualifying medical expense exceeding 7.5% of adjusted gross income
• Payment to beneficiaries upon owner’s death
• Payment for health insurance premiums while unemployed for 12 weeks or longer

IRA Investment Options:

• Insured Certificates of Deposit offering a variety of maturities.
• IRA savings account with automatic payroll deduction or direct deposit contributions.
• Click here for current IRA CD and IRA savings account rates.
• Use our financial calculators to estimate your saving potential.