Individual Retirement Accounts (IRA's)

Whether you choose a Traditional or Roth option, an IRA is an excellent savings decision. Keep your money earning interest without being routinely chipped away by taxes. The closer you get to retirement, the more money you can contribute to your interest-gaining IRA. See a County Bank representative to open your IRA today.

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Summary
  • Competitive interest above standard savings rates*
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • No minimum deposit to open
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA

*Consult a tax adviser.

Traditional vs Roth

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

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

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

***Consult a tax advisor