Individual Retirement Accounts (IRAs)

IRAs were created by Congress to help Americans create long-term retirement savings. No matter how far off retirement seems to be, it's a good idea to take advantage of them. IRAs are a great complement to your current retirement plan, such as a 410K or pension plan. You are eligible to contribute to an Individual Retirement Account if you have earned income.

• Dividends are either tax deferred or non-taxed depending of the type of IRA you open and your income.
• We offer an IRA Share Account that allows payroll deduction into the account. There is no minimum balance required on this account. The minimum payroll deduction for this account is $5.
• Direct rollovers from qualified retirement plans are allowed into an IRA.

Contribution limits have increased in recent years. For tax years 2005 through 2007 is $4,000 per year. In 2008, that limit will increase to $5,000 per year. If you’re 50 or older, you can contribute even more: an additional $500 a year through 2005 and another $1,000 each year thereafter. We offer three different types of accounts:

• Traditional IRAs
  Annual contributions to this type of IRA may be partially or fully tax-deductible in the year they're made.* Distributions from a traditional IRA are generally taxable upon withdrawal.
• Roth IRAs
  While Roth IRA contributions are not deductible during the year in which they're made, distributions can generally be taken tax-free.
• Coverdell Education Savings Accounts
  These accounts were created to help parents pay for the education of their dependent children. Earnings will be distributed tax-free if used to pay for elementary school, secondary school or college education expenses.
  

All share accounts are insured by the National Credit Union Administration (NCUA), an agency of the U.S. Government, up to $100,000. Individual Retirement Accounts are insured separately up to $250,000.

Come in to start your IRA today.

*Please consult your tax advisor who can evaluate your individual situation with regard to IRAs.