Individual Retirement Accounts (IRAs)

Personal Savings / Individual Retirement Accounts (IRAs)

More than just a savings account, an IRA is your go-to fund for your future. Ensure it's one that keeps on giving — start now to really benefit from its unique tax advantages*. So whether you choose to spend your time birding in eastern Jackson, spending an evening at the Cascades, or just hanging out with your family, our IRAs will help make your dream retirement a reality.

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Summary
  • Save for retirement with tax advantages*
  • Earn competitive dividends higher than regular savings accounts
  • Pays monthly dividends
  • Available in traditional and Roth
  • Annual contribution limits apply
  • Automatic transfers and/or payroll deposits available
  • $1,000 annual "catch up" contributions allowed for ages 50 and better
  • No annual fees or set up fees
  • No minimum balance requirements
  • Funds can be used to purchase certificates within IRA
  • Federally insured
  • $50 minimum deposit to open
Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • Tax-deferred earnings
  • Contributions may be tax deductible
  • Best option when rolling over your pension or 401(k)

Roth IRA

  • Contributions are not tax deductible
  • Tax-free earnings
  • Tax-free qualified withdrawals
  • More flexible access to funds than traditional IRA
Coverdell ESA

Higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

  • Set aside funds for your child's education
  • Dividends grow tax-free*
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time beneficiary turns 30
  • The ESA may be transferred without penalty to another member of the family

*Consult a tax advisor.

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