Start saving today, and make those golden years a little more golden. With an Individual Retirement Account (IRA) offered through Your Hometown Community Bank, you can contribute as you go along — the sooner you begin the greater the benefit!
With an IRA, you can enjoy tax savings* today and a larger nest egg at retirement.
- Tax-advantaged* retirement savings
- Competitive yields exceeding standard savings rates
- Traditional and Roth IRA options available
- No set-up fees
- No monthly or annual maintenance fees
- $6,000 contribution limit per year
- Additional $1,000 catch-up contribution allowed for ages 50+
- Penalties for early withdrawal apply
*Consult a tax advisor.
Traditional vs. Roth
Traditional and Roth IRAs each offer unique tax advantages to help you expedite your retirement saving. What's the difference? Compare below and consult a tax advisor to see what type of IRA is right for you and your family.
- No income limits to open
- No minimum contribution in any year
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
- Income limits apply
- Contributions are NOT tax deductible
- Earnings are 100% tax-free at withdrawal*
- Contributions may be withdrawn at any time without penalty*
- Withdrawal of interest can begin as early as age 59½
- Early withdrawal of interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to conditions. Consult a tax advisor.
**Certain exceptions apply. Consult a tax advisor.