Individual Retirement Accounts (IRA)

An Individual Retirement Account is a perfect way to plan for a financially secure retirement. You can elect to open an IRA that allows you to make either a lump sum annual contribution or to make periodic contributions throughout the year.

  • No minimum deposit to open a Certificate of Deposit IRA
  • Maturity terms available from 6 months to 5 years
  • Standard CD early withdrawal penalties may apply

Traditional

Saving for retirement with a Traditional IRA offers several potential benefits including federal and state income tax deductions, tax-deferred earnings, and a retirement savings tax credit. Consult your tax advisor to see if you are eligible for a Traditional IRA and which benefits apply to your individual circumstances.

Roth

Saving for retirement with a Roth IRA offers several potential benefits including tax-free earnings on your contributions,  a retirement savings tax credit, and deferred distributions for the life of the account owner. Consult your tax advisor to see if you are eligible for a Roth IRA and which benefits apply to your individual circumstances.

Coverdell Education Savings Account (CESA)

A Coverdell ESA is a trust account created for the purpose of paying the qualified education expenses of a designated beneficiary. The beneficiary must be under the age of 18 when the contributions are made. Coverdell ESA contributions are not tax deductible, but earnings accumulate tax-deferred, and become tax-free when distributions are made for qualified education expenses. Consult with your tax advisor to see if a Coverdell ESA is right for you.

Simplified Employee Pension (SEP)

Help your employees save for their retirement by establishing an employer-sponsored retirement plan through which you, the employer, makes deductible contributions directly to each eligible employee’s traditional IRA.

An employer that adopts a SEP plan will realize both tangible and intangible benefits, including:

  • A relatively easy retirement plan operation
  • Discretionary annual contributions that are tax deductible
  • A possible tax credit for startup costs associated with establishing a new SEP plan
  • Potentially more satisfied employees because of an increase in their retirement plan savings