Contribution Limits

  • The maximum contribution for Traditional and Roth IRA's is $6,000.00 for the 2020 tax year and $6,0000.00 for 2019 tax year.
  • IRA owners who are 50 or older can contribute an additional $1,000.00.
  • Distributions made from qualified retirement plans can be directly rolled over to a Roth IRA, if you qualify.

FDIC Insurance Coverage on Retirement Accounts is $250,000

Your deposits in a variety of retirement accounts at our insured institution are combined and insured to a maximum of $250,000. This applies to FDIC insured retirement deposits. Other categories of accounts you have on deposit at our institution will be insured to $250,000 separately from your retirement accounts.  If you have questions about maximizing your deposit insurance coverage, ask to speak to one of our representatives.

Education IRAs

(Coverdell Education Savings Accounts)

  • The maximum annual contribution is $2,000.
  • Savings may be used for primary and secondary school expenses in addition to higher education fees.
  • The income eligibility limits are if your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return) you may be eligible to open a Coverdell Education Savings Account.
  • Contribution deadline is your tax filing date (usually April 15th).

We also offer Simple IRA's, SEP's & HSA's. See one of our IRA consultants for details.

Roll Your Distribution Over To Us

Leaving your job or retiring soon? If you're expecting a distribution from your employer's retirement account, roll it over to an account with us.

A direct rollover to an IRA with us lets you avoid:

  • The 20% federal income tax withholding on your distribution.
  • The 10% penalty for early withdrawal of retirement funds if you have not reached age 59½.
  • Current taxation.

Keep all of your money safe and working hard for you. Open a rollover IRA today.

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