Interra Go to main content
Home > Personal > Checking & Savings > Retirement Accounts

Retirement Accounts

Retirement Accounts

Individual Retirement Accounts (IRAs) are excellent ways to save for a secure retirement, while potentially gaining valuable tax advantages. Each type of IRA has a set of features that appeal to different people and situations.

  • Contributions may be fully deductible up to $5,500 per year
  • If you’re 50 or older, you may contribute an extra $1,000 per year
  • Earnings grow tax deferred and withdrawals are taxed as normal income
  • Withdraw funds at age 59½ without IRS penalties
  • Withdrawing before age 59½  may be subject to income or penalty tax (consult with your tax adviser)

Roth IRA

  • Contributions are not tax deductible and are limited to $5,500 per year.
  • If you’re 50 or older, you may contribute an extra $1,000 per year
  • Withdrawals are tax-free after age 59 ½ or for first-time homebuyers if the IRA has been opened for 5 years.
  • Income limitations may apply.
  • You may make contributions from earned income after age 70 ½.
  • Mandatory distributions are not required.
  • Traditional IRAs can be converted into Roth IRAs.

IRA Certificates

  • Minimum balance of $500
  • Variety of terms to meet your needs
  • Competitive term-based rates

Contact Interra

Go to main navigation
Voted by the readers, the best of the best, 2018, by the Goshen News. The Elkhart Truth, voted the best of Elkhart County, 2018. Voted the Favorite of Elkhart County by The Elkhart Truth, 2018.

Equal Housing Lender ASI

Your savings insured to $250,000 per account.  By members' choice this institution is not federally insured.