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CD's and Retirement Account

Certificates of Deposit

  • Safe and secure, with a higher rate of return
  • Flexible terms available - from three months to 5 years
  • Only $500 to open
  • Interest rate guaranteed for entire term
  • Automatically renewable
  • Interest will be credited to your account
  • No penalty for withdrawal during the 10 day grace period

Retirement Account

  • Tax deferment advantages Invest today for later - select terms compatible with lifestyle needs
  • Only $500 to open
  • Interest rate guaranteed for entire term
  • Automatically renewable
  • All interest earned is tax deferred
  • Consult a tax specialist to determine which selection meets your criteria

Roth IRA

  • With this new IRA, contributions are not tax-deductible however, interest and capital gains accumulate tax-free. No taxes are due when withdrawn as long as you have the account for at least five years and don't begin withdrawals until you reach 59 1/2 years of age.

Key Benefits

  • No mandatory withdrawals after age 70 1/2
  • No federal tax on withdrawals after age 59 1/2
  • Account balance can be passed on to heirs tax free
  • Can still participate in retirement plan at work
  • Contributions can continue after age 70 1/2 (with earned income)

Who is eligible for a Roth IRA?

  • Single taxpayers whose adjusted gross income is below $110,000
  • Married taxpayers (filing joint returns) whose adjusted gross income is below $160,000
  • Married taxpayers (filing separately) whose gross income is below $100,000

What is a qualified distribution?

  • Distributions are tax free after age 59 1/2
    Distributions are tax free and penalty free if you die or become disabled
  • Qualified first-time home buyer distribution(up to $10,000)

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