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The sooner you start saving for retirement, the better. An IRA offers significant tax advantages to help you save for the retirement you deserve.
With a traditional IRA, your contributions and earnings will grow tax-deferred until they are withdrawn. Certain contributions, depending on your income, are tax-deductible up to the full amount of the contribution.
You may begin taking distributions after age 59 ½. You may benefit with a traditional IRA by saving tax dollars now if you anticipate a lower tax bracket at retirement.
With a Roth IRA, your money will grow tax-free and you will not pay taxes when you withdraw at retirement. The interest earned will also grow tax-free. You may benefit with a Roth IRA by paying taxes now rather than later if you anticipate a higher tax bracket at retirement. You may be eligible to contribute to a Roth IRA, as well as an employer-sponsored retirement plan. There are no age limitations on contributions.
Distributions may be taken without penalty after you have held your first Roth IRA for 5 years and turn age 59 1/2. You are not required to take from your Roth IRA at any age.
You may contribute up to $2,000 a year for your child’s education. Contributions are not tax-deductible; however, your contributions and earnings can be withdrawn tax-free as long as they are used to pay eligible schooling costs. Parents, grandparents, godparents or friends may contribute to a child’s Educational IRA, but the total contribution amount may not exceed $2,000 annually.
With an IRA CD, you will earn a guaranteed fixed interest rate over a set term. Once it matures, you have the options to renew or transfer the balance to another retirement account. IRA CDs earn a higher interest rate. The rates are tiered to account balances. There are terms of 6 to 60 months available with a $100 minimum deposit required.
Our experienced customer service representatives will help you with IRAs, IRA transfers, Self-Directed IRAs and more. When it comes time to take your distributions, they will also help you calculate your required distribution amount. Contact us at 888-966-MBTC (6282) to speak with a representative, or visit your local branch to discuss your options.
Visit our Rates page for a list of our IRA CD rates.
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