Individual Retirement Accounts (IRAs) | Guaranty Bank

Spending time with the grandkids or traveling the world — it's never too early to start thinking about your future. Start saving for it, too, with a Traditional, Roth, or Open IRA from Guaranty Bank.

Details

Tax-advantaged retirement savings¹
May earn higher rate than traditional savings
Terms ranging from 1 to 6 years
Traditional and Roth IRA options
No setup charges
No monthly or annual maintenance charges
$6,000 contribution limit per year
Additional $1,000 "catch-up" contribution allowed for ages 50+
Funds used to purchase CDs within IRA
$1,000 minimum deposit to open

¹Consult a tax advisor.

Traditional Vs Roth.

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

No income limits to open
No minimum contribution in any year allowing flexibility
Contributions may be tax deductible on state and federal income tax¹
Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
Withdrawals can begin at age 59½
Early withdrawals subject to penalty²
Mandatory withdrawals at age 70½
Members under age 70½ may contribute $6K maximum per year

Roth IRA

No minimum amount to set up
Income limits to be eligible to open Roth IRA³
Contributions are NOT tax deductible
Earnings are 100% tax free at withdrawal¹
Principal contributions can be withdrawn without penalty¹
Qualified Withdrawals on dividends can begin at age 59½
Early withdrawals on dividends subject to penalty²
No mandatory distribution age
No age limit on making contributions as long as you have earned income

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

³Consult a tax advisor.

Open IRA

Guaranty Bank also offers an Open IRA, which provides additional flexibility to your retirement savings contribution planning.

Tax-advantaged retirement savings*
May earn higher rate than traditional savings
Only available in 2-year term
Traditional and Roth IRA options
No setup fees
No monthly or annual maintenance fees
$5,000 contribution limit per year
Additional $1,000 "catch-up" contribution allowed for ages 50+
Funds used to purchase renewable 2-year CD within IRA
Additional deposits can be made at any time to make saving easier ($25 minimum)
Automatic deposits can be set up from any bank account
$25 minimum deposit to open

*Consult a tax advisor.

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