Individual Retirement Accounts

Relax and watch your money grow, when you're tucking it away in an Individual Retirement Account. Our Traditional, Roth or Coverdell Education Savings Account IRAs can meet your future financial needs.

Follow these general rules of thumb in choosing the right IRA:

1. Choose a Roth IRA if you don't need the tax break right now. It's a more flexible investment because:
   
   • You can withdraw regular contributions at any time, tax-free and penalty-free.
   • You do not have to take mandatory distributions.
   • Earnings are tax-free if account is open 5 yrs. and withdrawn for a qualified reason.
2. Choose a traditional IRA if you want the tax deduction right now. It also makes sense if you anticipate paying taxes at a significantly lower rate in retirement.

Coverdell ESAs offer tax-free distributions for certain qualified education expenses and unlike section 529 plans, can be used for elementary and high school expenses at most public, private, and parochial schools.

2024 Combined Traditional and Roth IRA Contribution Limits:
If you are under 50 years of age at the end of 2024: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $7,000 or the amount of your taxable compensation for 2024. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $7,000.The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.

If you are 50 years of age or older before the end of 2024:
The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $8,000 or the amount of your taxable compensation for 2024. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $8,000. The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.