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Individual Retirement Accounts, “IRAs” are an investing tool used by individuals to earn and earmark funds for retirement savings. We offer several types of IRAs: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs.

For Individuals
You can contribute up to a certain limit each year (see chart below) or 100% of earned income, whichever is less; contributions may be tax deductible.*

Customers age 50 and over are eligible for an additional catch-up contribution.

IRA earnings grow tax deferred, but are taxable as income upon withdrawal; contributions may be tax deductible.

IRA earnings grow tax exempt. When withdrawn, you won’t be charged income tax on the earnings if you meet the requirements of a qualified distribution.

Check with your tax advisor to see if you’re eligible for a tax deduction.

IRA Contributions Chart

Year Maximum annual contribution amount Age 50 or over maximum amount Contribution Deadline
2017 $5,500 $6,500 April 17, 2018
2018 $5,500 $6,500 April 15, 2019

For Small Businesses and the Self-Employed
Empire National Bank also offers IRAs for small businesses and the self-employed:

  • SEP IRAs for employers, including self-employed individuals, who want to contribute as much as 25% of compensation up to the set dollar limit per plan participant.
  • Simple IRAs for employers, typically with fewer than 100 employees, which allow both employees and employers to contribute.

IRA contribution limits are based on earned income. You may contribute up to 100% of earned income, to the maximum listed above.

* Please consult a tax advisor for guidance and comprehensive information about IRAs and other tax-related issues. Empire National Bank does not provide legal, tax or investment advice.


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