There's no better time than the present to save for the future. Contributing to an IRA is a good idea for anyone hoping for a worry-free retirement.
We offer three types of IRA Certificates that earn above-market dividend rates:
- Traditional IRAs - Terms from 6 months to five years; $500 minimum.
- Roth IRAs - Terms from 6 months to five years; $500 minimum.
- Basic IRAs - A totally liquid account with no minimum balance and no term requirements. This is a great account to begin saving for retirement without making a large investment. Move the funds any time into other IRA investments with no fees or penalties.
Please call us at 908-245-1750 for more information and IRA applications.
Features
- Tax-advantaged way to save money for retirement
- Earn higher interest than regular savings
- No setup or maintenance fees
Differences between Traditional and Roth IRAs
Traditional
- Open to members under 70½
- Contributions may be tax-deductible*
- Penalty-free withdrawals may begin at age 59½
- Mandatory withdrawals at age 72
- Early withdrawals subject to penalty**
*Consult your tax advisor.
**Certain exceptions apply, such as healthcare, buying your first home, etc.
Roth
- Click here for Roth IRA contribution limits
- Contributions are not tax-deductible
- Withdrawals are 100% tax-free if the Roth IRA is at least five years old and you are at least 59½ years old.
- Principal contributions may be withdrawn anytime at any age without taxes or penalties.
- Tax-free withdrawals can be made when under age 59½ if the Roth IRA has been open for five years or more and you use it (up to a $10,000 lifetime maximum) for a first-time home purchase or to pay unreimbursed medical expenses or health insurance if you are unemployed.*
- No mandatory distribution age
*Consult your tax advisor.