- 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.