Individual Retirement Account (IRA)

Individual Retirement Account (IRA)

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Chances are, barely scraping by during your golden years isn't on your bucket list.

Start saving now so you can live out your dreams later. IRAs offer tax advantages and higher interest than savings accounts. And since no two bucket lists are alike, we offer different accounts for different goals.

  • Opening Deposit: $1,000. You may contribute in any increment, not to exceed $5,500 per year for customers under age 50. Once you've reached age 50, contributions are limited to $6,500 per year.
  • You can distribute any portion of your investment at any time, however, you may have to pay a penalty or early withdrawal fee depending on your age or other factors.

Traditional IRA Features

  • Tax deductible contributions, if eligible
  • Tax deferred earnings
  • Saver's tax credit, if eligible
  • Make contributions until age 70.5

Roth IRA Features

  • Tax deferred earnings
  • Tax free earnings, if eligible
  • Saver's tax credit, if eligible
  • No tax deductions on contributions
  • No age limit on contributions

*Centennial BANK does not provide tax or legal advice. Individuals need to consult with their own tax and legal advisors before taking any action that may have tax or legal consequences.