Start planning today for a secure retirement. Our tailored Individual Retirement Accounts are a perfect choice to meet your individual needs. Select from a variety of plans.
Traditional IRA
Maximum Annual Contribution Levels (for 2009 tax year)
- $5,000 for income earning individuals under age 50
- $6,000 for income earning individuals age 50 and over
- $10,000-$12,000 for married couples filing jointly with one income earning spouse ($5,000 maximum for each joint filer up to age 50, $6,000 for each, age 50 and over)
You can contribute to both a Traditional IRA and a Roth IRA in the same year, though your total contribution is limited to the individual and joint filer limits shown above.
- Contributions may be tax deductible depending upon your income
- Withdrawals before age 59 ½ may be subject to 10% penalty
- Consult your tax advisor regarding contribution and deductibility limitations
Roth IRA
Flexibility in saving and a new way to accumulate tax-free funds for the future.
- Tax-free and penalty-free earnings if you have participated in a Roth IRA for at least five years, and the contributor is at least 59½ years old, dies or is disabled, or if the funds withdrawn are used to buy a first home
- Your contributions can be withdrawn at any time without federal income tax or IRS penalties
- The Roth IRA does not require distributions to begin at age 70½
- Contributions can also continue past age 70½, if you're still earning income
- Consult your tax advisor regarding contribution limitations
Riverside Bank IRA investment options include a variety of CD options, which are FDIC insured. For more information, contact us at 800.741.3283 or visit your local banking office.
