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Individual Retirement Accounts (IRAs) Standing Stone Bank

Individual Retirement Accounts (IRAs)

An IRA is a great way to ensure that your retirement years are some of your best years. Simply make contributions up to $5,500 per year,** and you'll enjoy tax-advantaged* savings at a higher rate than a standard savings account.

Choose between traditional or Roth options, depending on your needs. Then enjoy the peace of mind that comes with a more secure retirement. It's never too early or too late to start saving, so open your IRA today.

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Benefits
  • Secure way to save for retirement
  • Enjoy tax-advantaged* savings
  • Earn competitive interest at a higher rate than standard savings
  • Traditional and Roth options available
  • Certificate of deposit option available within IRA
  • Contribute up to $5,500 per year**
  • Additional $1,000 "catch-up" contribution for customers age 50 and better**
  • Conveniently contribute via checking or savings
  • Early withdrawal penalties may apply
  • FDIC insured up to $250,000
  • No setup fees
  • No annual fees
  • $100 minimum deposit to open

*Consult a tax advisor.

**As of tax year 2014.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax* Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA*** Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty* Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc. ***Consult a tax advisor.