retirement and education savings for tomorrow

Be Ready at Every Stage

Add an IRA to save smarter, enjoy tax advantages, and feel confident about what’s ahead.

Save Today, Relax Tomorrow

IRA

$0 monthly fee

IRAs help you diversify your retirement savings. Grow your funds with these added tax benefits.

Open Account

Account Details

  • Flexible contribution limits1
  • Traditional IRAs
  • Roth IRAs
  • Funds access at age 59 1/2

Savings for You and Your Team

SEP IRA

$0 Monthly Fee

A SEP IRA makes it easy for business owners to invest in retirement—for themselves and their employees.

Open Account

Account Details

  • For employers and the self-employed
  • Access to funds while in-service
  • Flexible contributions

Investing in Their Future

Education IRA

$0 monthly fee

Education IRAs let parents and students plan ahead. Save for tuition now – enjoy tax-free spending later.

Open Account

Account Details

  • For beneficiaries 18 and under2
  • $2,000 annual contribution maximum3
  • Maintain account until the age of 30

Frequently Asked Questions

Roth IRAs allow contributions to grow tax free, and once you’ve retired all distributions are tax free and excluded from your gross income.

Distributing Roth IRA funds before retirement? That’s tax free too. The only time your distributions will be taxed and/or penalized is if you draw on earned growth or recently converted balances before you reach retirement or before converted balances reach 5 years.

Traditional IRAs allow contributions to be fully or partially excluded from your taxable income, depending on certain factors. By opening an account independently from your place of work, your contributions are fully deductible no matter your income. If you’re enrolled in an IRA through your workplace, tax deductions depend on your income and filing status.

Once you’ve reached age 59 1/2 and begin using your funds, the distritbutions are included in your gross income, making this account ideal for those who want to reduce their tax bill now.

Both accounts allow contributions to be invested, letting you grow your funds faster by putting them in a higher earning account, like our Share Certificates.

Not sure if your contributions or distributions are eligible for these benefits? Our Financial Advisors are here to help. Give us a call or visit your local branch for guidance.

There are no required minimum distributions (RMDs) with a Roth IRA. This means you contribute and grow your funds beyond retirement, and distribute funds as you please.

Traditional IRAs do have annual RMDs, determined by taking the account balance at the end of the previous calendar year and dividing it by a distribution period from the IRS’s “Uniform Lifetime Table.”

Use the latest Uniform Lifetime Table to calculate your RMD, or ask our Financial Advisors for support.

Traditional IRAs let you deduct contributions from your taxable income, but withdrawals in retirement are taxed.

Roth IRAs don’t allow contributions to be deducted, meaning they’re taxed before being contributed, but withdrawals are not, letting you withdraw tax-free in retirement.

Distributions are tax-free when used for qualified education expenses like tuition, fees, books, supplies, equipment, room and board, or special needs support. Eligible schools include public, private, religious, and post-secondary institutions.

You can also claim Hope or Lifetime Learning credits in the same year, as long as the same expenses aren’t counted twice.

Not sure if your withdrawal will be tax or penalty free? Our Financial Advisors are here to help, just give us a call or visit your local branch to chat.

Any expenses related to education are qualified withdrawals. This includes but is not limited to:

· K-12 tuition
· School supplies (books, pencils, electronics, etc.)
· Post-secondary tuition
· Tutoring
· Institutional fees
· Room and board
· Special needs assistance

Not sure if your expense is qualified? Our Financial Advisors are here to help, just give us a call or visit your local branch to chat.

A SEP (Simplified Employee Pension) plan lets employers contribute to traditional IRAs (called SEP-IRAs) for eligible employees. These are ideal for self-employed persons and small businesses because they avoid much of the startup and operating complexity of conventional retirement plans.

When setting up an SEP IRA, employers can choose the plan option that best fits their business. Once the plan is established, employers are the sole contributors, and employees are fully vested in their SEP IRA and control their investments.

With a SEP IRA, contributions are flexible, perfect for businesses with fluctuating income. A few key rules apply:
· Employers must contribute at least once a year.
· Annual contribution limit is 25% of employee compensation.
· All employees must receive the same contribution match.

Businesses of any size are eligible to open an SEP IRA, but it’s ideal for small businesses and self-employed person due to the structure of the plan.

There are certain limitations depending on the SEP IRA plan that’s chosen. Talk to your Financial Advisor for more information on plan limitations.

Employers and plan participants are eligible for a few key tax benefits with an SEP IRA.
· Employers can deduct contributions as a business expense.
· Employees don’t pay taxes until they withdraw funds in retirement.
· Self-employed individuals can deduct contributions on their tax return.

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Savings Accounts

Grow more than a balance, grow peace of mind. Be ready for every opportunity life hands you.

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Investing Services

It all starts with a plan. We can help you put steps in place to diversify and save.

Financial Wellness

From everyday choices to long-term goals, find resources that help your money work for you.

For more details on IRA accounts, eligibility, contributions and withdrawals, contact a Financial Services Officer.
1Contribution limits vary by individual based on filing status and other factors. Talk to your FSO or view IRS guidelines to see what contribution limits you may have.
2When the account is established, the designated beneficiary must be under the age of 18 or be a special needs beneficiary.
3The total contribution to all accounts on behalf of a beneficiary in any year cannot exceed $2,000.00.