Individual Retirement Accounts (ira)
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Individual Retirement Accounts
It's never too late to start saving for retirement. An Individual Retirement Account is still one of the best ways to save for your future retirement years. Several IRA's are available including the Traditional, Roth, SEP and Coverdell Education Savings accounts.
IRA's are for everyone who has earned income, although how much a person can deduct depends upon your income and whether you are covered under a qualified retirement plan. At First Bank of Berne, you may invest your IRA deposit in any of our certificates of deposit.
Additional IRA Information:
- Contributions to a traditional IRA may be tax deductible depending on your income.
- Maximum Contributions:
YearUnder Age 5050 & Over2005$4,000$4,5002006$4,000$5,0002007$4,000$5,0002008$5,000$6,000
- Maximum Contributions:
- As with all certificates of deposit, a substantial penalty may be imposed for early withdrawal from the account.
- The IRS may impose a 10% penalty on traditional IRA funds withdrawn before the participant reaches age 59 1/2.
- Distributions from traditional and SEP IRAs must start by April 1 following the year in which you reach age 70½.
Contact our IRA specialists to see which IRA best suits your needs.
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