Traditional, Spousal or Roth
IRA's
are a wise investment for your retirement! There are no fees, your savings
is FDIC insured, and it can be a tax-deductible way to save.
Traditional IRA: You may contribute any amount up to 100 percent of your compensation
or (consult the table below), whichever is less. Pay no taxes on interest
earned until you begin withdrawing funds at retirement.
Spousal IRA: A
married person may make an IRA contribution up to 100 percent of their
combined earned incomes or (consult the table below), whichever is less.
Roth IRA: Offers
a different type of tax advantage. Contributions are not tax deductible,
but the interest and earnings accumulate tax-free.
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Under the FDIC's rules, as of April 1, 2006, up to $250,000.00 in deposit insurance will be provided for the money a consumer has in a variety of retirement accounts, primarily Traditional and Roth IRAs (Individual Retirement Accounts).
All of your self-directed retirement accounts at the same insured bank are added together and the total is insured up to $250,000.00.
|
Tax Year |
Contribution Limit |
Catch-Up Contribution Limit |
Contribution Limit for Age 50
and Older |
2007 |
$4,000 |
$1,000 |
$5,000 |
2008 |
$5,000 |
$1,000 |
$6,000 |
2009 and beyond |
$5,000 + COLA |
$1,000 |
$6,000 + COLA |
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- Choose
a 6-month, 18-month, 24-month, 30-month, 48-month, 60-month, or
72-month maturity.
- $100 minimum to open. Additions of $25 or more can be made any time.
*Effective
as of
03/14/2008
— Penalty
may be imposed for early withdrawal.
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Coverdell Education IRA:
A non-deductible account that features tax-free withdrawals for a very specific purpose - a child's higher education expenses.
The total aggregate contribution into one or more EDUCATION IRAs on behalf of a child is $2,000.00 for a taxable year. Your allowable contribution depends on your modified adjusted gross income.
Penalty may be imposed for early withdrawal.
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