Individual Retirement Accounts
Traditional, Spousal or Roth
IRA's are a wise investment for your retirement! There are no fees, your savings is FDIC insured, and it can be a tax-deductible way to save.
Traditional IRA: You may contribute any amount up to 100 percent of your compensation or (consult the table below), whichever is less.
Spousal IRA: A married person may make an IRA contribution up to 100 percent of their combined earned incomes or (consult the table below), whichever is less.
Roth IRA: Offers a different type of tax advantage. Contributions are not tax deductible, but the interest and earnings accumulate tax-free.
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Under the FDIC's rules, as of April 1, 2006, up to $250,000.00 in deposit insurance will be provided for the money a consumer has in a variety of retirement accounts, primarily Traditional and Roth IRAs (Individual Retirement Accounts).
All of your self-directed retirement accounts at the same insured bank are added together and the total is insured up to $250,000.00.
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Tax Year |
Contribution Limit |
Catch-up Contribution Limit |
Contribution Limit for Age 50 and Older |
2007 |
$4,000 |
$1,000 |
$5,000 |
2008 |
$5,000 |
$1,000 |
$6,000 |
2009 and beyond |
$5,000 + COLA |
$1,000 |
$6,000 + COLA |
Choose a 3-month, 6-month, 12-month, 18-month, 24-month, 30-month, 36-month, 48-month or 60-month.
$1,000.00 minimum to open. Additions of any amount can be made anytime. |
Penalty may be imposed for early withdrawal. |
Coverdell Education IRA
A non-deductible account that features tax-free withdrawals for a very specific purpose - a child's higher education expenses.
The total aggregate contribution into one or more EDUCATION IRAs on behalf of a child is $2,000.00 for a taxable year. Your allowable contribution depends on your modified adjusted gross income.
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Penalty may be imposed for early withdrawal.
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