Plan for retirement to get the life you’re dreaming of — whether that means watching the sunset here in Pikes Peak or traveling the world.
Working hard all your life means you deserve something special when you retire. Without the right planning, you could find yourself up a creek without a paddle. Make sure you get the life you deserve after retirement with a competitive-rate IRA. We offer traditional and Roth IRAs, as well as rate options with differing terms. So you can choose the plan that works for your current — and future — lifestyle.
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $250 minimum opening deposit to earn variable interest rates
- $1,000 minimum opening deposit to earn fixed interest rates
*Consult a tax advisor.
- Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.
For both traditional and Roth IRAs, we offer the following rate options:
- Pays a single, fixed rate for the length of the term
- Terms range from:
- 1 year
- 18 months
- 2 years
- 2.5 years
- 3 years
- 4 years
- 5 years
- Interest varies throughout length of term
- Terms range from:
- 24 months
- 36 months
- 60 months
- Additional deposits can be added with minimal increments of $100
The rates are on variable IRAs are indexed to the yields on Treasury Securities with matching maturities and are adjusted monthly.
There are substantial penalties for early withdrawals of principal. IRS penalties may also apply. Consult your tax advisor.