Traditional IRA
A Traditional IRA is a great choice for those wishing to save for retirement. Contributions may be tax deductible, eligibility is based on income, tax filing status Mulberry and participation in an employer sponsored pension plan. Withdraw penalty-free for any of the following reasons: qualified higher education expenses, first time home purchase, age 59 1/2, disability, qualifying medical expenses, payment to beneficiaries upon the owner’s death, payment of health insurance Gucci outlet premiums while unemployed for 12 weeks or longer.
| Features | Benefits |
|---|---|
| No required annual contributions | Flexible |
| No minimum deposit required. However, there is a monthly fee of $10 if the aggregate IRA balance drops below $100 | Flexible |
| Maximum annual combined contributions allowed to traditional IRAs is $5,000 (2008 to 2009) or 100% of earned income | Savings |
| Contributions may be tax deductible. Eligibility based on income, tax filing status, and participation in an employer sponsored pension plan. | Tax incentive |
| Dividends are calculated using the average daily balance method and are paid monthly on the last day of the month | Earns dividends |
| Taxes on earnings are deferred until withdrawn | Savings incentive |
| Periodic statement, usually quarterly, monthly if any electronic or telephone services are utilized, such as Telephone Teller | Easy to understand |
| Catch up contributions allowed for individuals 50 and older $1,000 | Convenient |
| Contributions can be made up to the tax return deadline each year | Convenient |
| Contributions can be made up to age 70 1⁄2 | Convenient |
| You may access your account in person, over the phone, online banking and through mail | Convenient |
| Federally insured by NCUA for up to $250,000 | Peace of mind |
