Traditional and Roth IRA accounts provide tax-advantaged ways to save for your future. A Traditional IRA allows you to contribute pre-tax dollars, which may reduce your taxable income for the year in which you made contributions. Meanwhile, a Roth IRA allows you to contribute after-tax dollars and after you’ve met the five-year holding requirement you may be able to withdraw tax-free in retirement. Both types of accounts can help you reach your retirement goals depending on your individual financial situation.
Traditional & Roth IRAs
- The maximum contribution for a Traditional or Roth IRA is $7,000.00 for the 2024 tax year.
- IRA owners who are 50 or older can contribute an additional $1,000.00.
FDIC Insurance Coverage on your IRA is $250,000
Your deposits in a variety of retirement accounts at our insured institution are combined and insured to a maximum of $250,000. This applies to FDIC insured retirement deposits. Other categories of accounts you have on deposit at our institution will be insured to $250,000 separately from your retirement accounts. If you have questions about maximizing your deposit insurance coverage, ask to speak to one of our representatives.