Start saving today for a secure retirement tomorrow!
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.
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 When withdrawn, you won’t be charged income tax on the earnings if you meet the requirements of a qualified distribution.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:
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.