Individual Retirement Accounts (IRAs)

Long-Term Security for Everyone

You’re never too young or old to open an Individual Retirement Account (IRA), especially with great interest rates that, even with small contributions, add up to significant savings. Why? Because your IRA deposits generate income through interest, dividends and capital gains — and those earnings compound each year. Plus you won’t pay taxes on the interest you earn in your IRA, meaning that your money grows faster. An IRA may be the perfect savings vehicle for you. And never before have individuals had so many IRA savings choices. You may be eligible to choose from both Roth and Traditional IRAs.

Understanding Your Options:

Traditional IRAs:

Under this arrangement, contributions may be tax-deductible, but distributions are generally taxable.

Often contributions are 100% deductible.
Earnings grow tax deferred
Contributions to traditional IRAs lower your taxable income in the contribution year. That lowers your adjusted gross income, helping you qualify for other tax incentives you wouldn’t otherwise get, such as the child tax credit or the student loan interest deduction.
Up to $10,000 can be withdrawn without the normal 10% early-withdrawal penalty to pay for qualified first-time homebuyer expenses. However, you’ll pay taxes on the distribution.

Roth IRAs:

With Roth IRAs, contributions are not deductible, but distributions generally can be withdrawn tax free

Contributions are not tax deductible
Earnings can grow tax free
Roth contributions (but not earnings) can be withdrawn penalty- and tax-free any time, even before age 59 ½.
Five tax years after the first contribution, you can withdraw up to $10,000 of Roth earnings penalty-free to pay for qualified first-time homebuyer expenses.

Keep in mind that Congress can change these rules at any time. So while these are the rules today, they may be very different when you retire.

OPEN AN ACCOUNT

IRA

2.25% APY*

IRA CERTIFICATE

5 Year - Minimum $500

0.02% APY*

IRA SAVINGS

*Annual Percentage Yield Rate Effective 08/31/2023.

See Disclosure

IRAs

Long-Term Security for Everyone

Understanding Your Options:

Traditional IRAs:

Roth IRAs:

IRA

2.25% APY*

IRA CERTIFICATE

5 Year - Minimum $500

0.02% APY*

IRA SAVINGS

*Annual Percentage Yield Rate Effective 08/31/2023.

Only The Best
For Your Children

O Bee Mobile

IRAs

Long-Term Security for Everyone

Understanding Your Options:

Traditional IRAs:

Roth IRAs:

IRA

2.25% APY*

IRA CERTIFICATE

5 Year - Minimum $500

0.02% APY*

IRA SAVINGS

*Annual Percentage Yield Rate Effective 08/31/2023.

Only The Best For Your Children

O Bee Mobile

Only The Best
For Your Children