Personal Banking

Retirement Solutions

CALCULATORS

Individual Retirement Account (IRA)

Individual Retirement Accounts (IRAs) are one of the most effective ways to accumulate retirement savings. There are many types of IRAs, but they all have in common built-in tax advantages that allow your account to compound at a faster rate than a regular investment.

Traditional IRA

Defer paying taxes until retirement and IRA contributions may be tax deductible.

For 2006 and 2007, you can contribute up to a maximum of $4,000 (or up to $8,000 if married filing jointly with spousal IRA) per year; at age 50 and older, you can contribute an additional $1,000/year ($2,000 if married filing jointly with spousal IRA)

You’ll need to have earned income equal to the amount you contribute

You must be under the age of 70½ in the contribution year to contribute

Roth IRA

There is no IRA age limit for contributions or distributions. Invest after-tax dollars and watch them grow.

For 2006 and 2007, you can contribute up to a maximum of $4,000 (or up to $8,000 if married filing jointly with spousal IRA) per year; at age 50 and older, you can contribute an additional $1,000/year ($2,000 if married filing jointly with spousal IRA)

You’ll need to have earned income equal to the amount you contribute

^ top