Individual Retirement Accounts (IRAs)
Traditional IRAs
You can deposit a certain amount of money each year without paying taxes on your interest earnings until you withdraw it. For some individuals, the IRA contribution may also be tax deductible*.
Any wage earner or salaried person, including those covered by a pension, profit-sharing or other retirement plan can open an IRA or make a contribution up until the year they turn 70½.
Contribution Limits
| Year | Contribution Limit |
| 2011 | $5,000 |
| 2012 | $5,000 |
Catch Up Contributions
Individuals who turn age 50 and older can make a catch-up contribution of $1,000 per tax year in addition to regular contributions. This catch-up contribution may also be made to an IRA for a non-working spouse.Rollovers
You can rollover an IRA if you retire or change jobs and receive a lump-sum distribution from a qualified pension (i.e.: 403B, 401K.) plan. You can rollover all or any part of these funds into a tax-deferred IRA rollover account. You must make this rollover within 60 days from the day you receive your lump-sum distribution.Transfers
You also have the option of transferring your IRA from another financial institution to us. We will handle all the necessary paperwork at no cost to you.*Consult your tax advisor.
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