IRA Savings Details & Disclosures
An IRA (Roth and Traditional) can be opened with as little as $100 in an IRA Share Account. IRA Term Share Certificate options earn a higher rate of interest and can be opened with a minimum of $500. IRA Certificate terms range from 90 days to five years.
Traditional IRA Retirement Savings Details
Eligibility: Anyone who has earned compensation (i.e. wages, salaries, tips, etc.) during the year of the contribution is eligible to contribute to a Traditional IRA.
Traditional IRA Aggregate Annual Contribution Limits (per tax year):
Contributions up to $6,000 per year (or up to $7,000 for those 50 years of age or older).
Roth IRA Retirement Savings Details
Eligibility: Anyone who has earned compensation (i.e. wages, salaries, tips, etc.) and does not exceed the Modified Adjusted Gross Income (MAGI)* limit is eligible to contribute to a Roth IRA. (See below for Annual Contribution Limits).
Roth IRA Aggregate Annual Contribution Limits (per tax year):
Contributions up to $6,000 per year (or up to $7,000 for those 50 years of age and older).