Checking & Savings
Retirement Accounts/IRAs
IRAs – Your Future is NOW
What do you want your retirement to look like? For some, it’s navigating the roads in a motorhome, for others it may be navigating the lakes and rivers for the “big one,” or heading south for the winter to navigate 18 holes. Maybe your retirement is staying close to home, enjoying family and friends. Whatever it is, you want to be able to enjoy retirement to its fullest, and that includes financial security and peace of mind.
Like any plan, starting early is the key. That puts time and money on your side. The tax advantages of IRAs (Individual Retirement Accounts) make them an attractive part of any retirement plan.
Traditional IRA
- Contributions may be fully deductible up to $5,000 per year.
- If you’re 50 or older, you may contribute an extra $1,000 per year.
- Even if all or part of your contribution is not tax deductible, the earnings grow tax-deferred and are then taxed as regular income when withdrawn.
- Withdraw funds without any IRS penalty starting at age 59½.
- Withdrawals prior to age 59½ are subject to a 10% tax penalty (unless certain exceptions are met).*
Roth IRA
- Roth IRA contributions are never tax deductible.
- You may contribute up to $5,000 per year, and an additional $1,000 per year if you’re 50 or older.
- Withdrawals are tax-free after five years to buy a first home or for any purpose after age 59½.
- Income limitations may apply.
- You may make contributions from earned income after age 70½.
- Mandatory distributions are not required.
- Traditional IRAs can be converted into Roth IRAs.
Interra IRA Investment Options
- IRA savings account. You can get started with as little as $5.00!
- IRA certificates – With a minimum balance of only $500, you can select from a variety of terms to help you achieve your goals, with competitive rates to help you make more money for your retirement years.
- Other IRA investment options available through Interra Investments.
Retiring or changing jobs? Ask Interra about your rollover options
- Keep your assets from a qualified retirement plan, such as an employer sponsored pension, profit sharing or 401(k) plan.
- As with other IRAs, the assets grow tax deferred, and are taxed as ordinary income when withdrawn, once you have reached the age of 59½.
- Rollover options are also available through Interra Investments.
For more in-depth information about IRAs, visit the IRS website.
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Retirement Central
Retirement Central has the tools and information you need to help you make smart decisions about IRAs and your retirement.
