Individual Retirement Accounts – IRAs

Choose from a regular IRA savings or IRA Certificate.

Traditional IRAs allows you to save for your retirement and may give you some tax advantages.* Contributions may be made if you are under age 70½ for the year that the contribution is being made. Distributions may begin as early as age 59½ and must begin when you turn 70½.

Roth IRAs offers you the ability to invest your after-tax dollars today, let the investment grow tax-deferred, and withdraw your principal and earnings tax-free after five years. You may make tax-free and penalty-free withdrawals from your Roth IRA if your Roth IRA has been open for a minimum of five years and the withdrawal must be made because of the occurrence of one of the following events:

  • age 59½
  • first home purchase
  • disability
  • death

These are considered “qualified distributions.” If you take a distribution for any other reason, the distribution may be subject to taxes and in some cases early distribution penalties to the extent they exceed your aggregate contributions to Roth IRAs.

Traditional & Roth Contribution Limits

Year  /  Amount
2005-2007   $4,000 ($8,000 for married couples)
2008 and beyond  $5,000 ($10,000 for married couples)
Beginning in 2009, the maximum contribution amount will be indexed for cost-of-living adjustments (COLA) in $500 increments.

Check here for current rates.
Give us a call at 925-771-5600 for more information.

*Check with your tax consultant to see how opening a Traditional or Roth IRA can help you with taxes.