retirement

Individual Retirement Accounts (IRA)

Take control of your retirement. Deciding which IRA is best for you depends on your personal financial situation. But, the earlier you start saving, the more money you’ll have at retirement.

Traditional IRA*

A traditional IRA allows you to defer taxes on annual deductible contributions until you begin withdrawing funds, if eligible. Your earned interest is tax-deferred.

  • Independence from employer participation
  • Freedom to access or move assets
  • Tax credit for the contribution, if eligible**
  • Flexible investment options and contribution amounts
  • Leave assets to the beneficiary of choice
  • Your annual contribution limit for 2016 is $5,500, if eligible.  Annual contribution limit for 2017 is $5,500, if eligible.   
    • If you’re age 50 or older, you may contribute an additional $1,000
    • Limits are subject to annual cost-of-living adjustments

Roth IRA*

Put your “after-tax” dollars into a Roth IRA, your money can be tax-free at retirement, if eligible.

  • If your earned income is less than $133,000 for single or $196,000 for married filing jointly, you may be eligible for a Roth IRA
  • Independence from employer participation
  • Leave assets to the beneficiary of your choice
  • Flexible investment options and contribution amounts
  • Accessibility of assets
  • No required minimum distributions
  • Possible tax credit for contributions**
  • Tax-free distributions if qualified
  • Your annual contribution limit for 2016 is $5,500, if eligible.  Annual contribution limit for 2017 is $5,500, if eligible. 
    • If age 50 or older, you may contribute an additional $1,000.
    • Limits are subject to annual cost-of-living adjustments

Source: 2015 Ascensus, Inc. Brainerd, MN

Coverdell Education Savings Account

A Coverdell Education Savings Account allows you to make after-tax contributions for your children until they reach 18 years of age. All your earnings are tax-free if they are used to pay for eligible education expenses.

Individual Retirement Accounts (IRAs) Minimum Opening Balance Interest Payment Period*
Share IRA $20 Paid quarterly on the last business day of the quarterly statement periods of March, June, September and December.
IRA CD $50 to $2,500 Terms of 3 months to 60 months available. Interest on Short Term IRA CDs is paid at maturity. Interest on Long Term IRA CDs is compounded monthly or annually.

*Withdrawals before you are 591/2 may result in a tax penalty and interest penalty, except in the case of Education IRAs. Consult your tax advisor for details.
** Contribution limits vary and depend on your individual income level.

Retirement Center™

Check out these practical ideas and tools to help you achieve a financially secure retirement.  Retirement Center

Retirement Calculator

Find out how much you’ll need to save each year to reach your retirement goal.
Retirement Calculator

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