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FINANCIAL PLANNING
Traditional IRA
Contributions to a Traditional IRA grow tax-deferred until they are withdrawn and in many cases the contributions may be tax-deductible. Anyone under the age of 70–½ who has income from compensation (or who is filing jointly with a spouse who earns compensation) can contribute to a Traditional IRA. You can also rollover distributions from a qualified retirement plan into an IRA. You can contribute up to $5,000 or if you are age 50 or older, your contribution limit increases to $6,000 for 2009 and 2010.
Roth IRA
If you have income from compensation (or are filing jointly with a spouse who earns compensation) you can contribute to a Roth IRA and earnings are tax-free if the account is open for five years and if funds are withdrawn for a qualified reason. Unlike the Traditional IRA, you are not required to start taking distributions at age 70–½. Income limits apply and contribution amounts are reduced if you also contribute to a Traditional IRA.
Coverdell Education Savings Account (ESA)
A great way to save for your child or grandchildrens' education. Contributions to an ESA can be made up to $2,000 per child per year. Withdrawals for qualified education expenses are tax-free. Contributions are not allowed after the beneficiary reaches age 18, but funds can be used up to age 30.
| BALANCE | RATE | APY* |
|---|---|---|
| IRA - up to $10,000 | 0.40 | 0.40 |
| IRA - $10,000.01 to $20,000.00 | 0.50 | 0.50 |
| IRA - over $20,000 | 0.60 | 0.60 |
Rates effective as of 2/01/12. ALL RATES SUBJECT TO CHANGE AT ANY TIME.
*APY = Annual Percentage Yield Dividends are based on average daily balance and are paid monthly.
Learn more
Learn more about these and other related investment options with our informative digital brochures. Just click on the title and download for easy viewing:
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