We're Here to Help (315) 735-8571

IRAs

Plan for Future Dreams

Things like retirement or paying for your child’s education may seem like a long way off, but it’s never too early to plan and save. We’ll help you understand the options and ease into a plan that fits your specific needs.

An IRA or individual retirement account is money set aside for saving for your retirement with two options on how you pay tax on these dollars. A traditional IRA allows contributions to be tax deferred up front. Traditional IRAs can be used as a tax deduction. You’ll pay the tax when you withdraw your funds. All funds including growth are taxed. While a Roth IRA allows contributions that have already been taxed. So when you withdraw funds you do not pay additional tax, even on growth. Consult your tax advisor.

Let's get started.

Make an appointment. Let's get started planning today.

Make an Appointment

IRA Options


IRA Share/Sponsored Employee Plan (SEP)

  • IRA Traditional or Roth
  • SEP Roth
  • Monthly dividends
  • Deposits permitted up to $5,500 annually for those up to 50 years of age
  • Deposits permitted up to $6,500 annually for those over 50 years of age
  • No minimum balance
  • Early withdrawal penalties may apply

IRA Term Share Certificate

  • Direct transfer and rollovers available
  • Automatic renewal options
  • Monthly dividends
  • Fixed, tiered rates based on term
  • Terms from one to four years 
  • $1,000 minimum deposit  
  • Early withdrawal penalties may apply
  • Deposits not permitted until maturity

Money Market IRA

  • Direct transfer and rollovers available
  • Monthly dividends
  • Tiered rates
  • Deposits permitted up to $5,500 annually for those up to 50 years of age
  • Deposits permitted up to $6,500 annually for those over 50 years of age
  • $5,000 minimum to earn dividends
  • Early withdrawal penalties may apply

Coverdell Education Savings Account
Coverdell ESA

  • For elementary, secondary or college expenses
  • Tax deferred growth
  • No tax paid on qualified withdrawals
  • Account regulated by the IRS – IRS Coverdell ESA Guidelines

Funds cannot be withdrawn from IRAs until the owner is 59 ½ years old without penalty. At 70 ½ years old you must start taking funds. This is called required minimal distribution (RMD).