For your retirement savings, you can’t beat the comfort and security of a People’s Individual Retirement Account (IRA). We offer our members Traditional and Roth IRA options, as well as Coverdell Education Savings Accounts. You can set-up your “plan” as either IRA Share Savings accounts or as IRA Share Certificates, depending on your needs.
Additionally, we can help you move funds from IRAs at other institutions and from qualified retirement plans, such as former employer’s 401(k), to a People’s IRA. Under some circumstances, you may also wish to convert a Traditional IRA to a Roth IRA.
Use your IRA to help make your retirement years comfortable and care free.
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Individual Retirement Accounts (IRAs) and Coverdell Education Savings Accounts
These popular accounts are a terrific way to prepare for your retirement or the costs of a child’s secondary education. An individual may contribute up to the federally mandated maximum amount. People’s offers two savings “paths” within the IRA plan:
IRA Share Savings Account – A savings account within your IRA plan that requires no minimum balance, can be opened with only $5, and earns the same dividend rate as your Carefree Savings account. This is the most flexible account option.
IRA Share Certificates – A minimum balance of $500 is required to open a certificate and you may purchase them with terms from three months to five years. The dividend rate is determined by the term of the certificate. This rate is locked in on the date of purchase and is guaranteed until maturity. Funds withdrawn prior to maturity may be subject to an early withdrawal penalty.
IRA Conversions and Rollovers – We can help you move funds from IRAs at other institutions and from qualified retirement plans, such as former employer’s 401 (k), to an IRA. Under some circumstances, you may also wish to convert a Traditional IRA to a Roth IRA.
Traditional IRAs – contributions may be tax-deductible and the earnings grow tax deferred until they are withdrawn. Funds may also be withdrawn without penalty for a variety of qualified reasons.
Roth IRAs – These are composed of non-deductible contributions; earnings are tax-free and penalty free after five years if withdrawals are made for qualified reasons. The ability to contribute to a Roth IRA does phase out at higher income levels, as do Traditional IRA contributions for people participating in an employer-sponsored retirement plan.
Coverdell Education Savings Account – Formerly known as an Education IRA, this is a savings account used to save for a child’s higher education. Earnings are tax-free when used for qualified educational expenses.
*Funds withdrawn early from an IRA or Coverdell account may also be subject to Federal withdrawal penalties. To decide which type of account and contribution limits might be best for your specific financial situation, talk with a tax advisor that you trust. When you are ready to contribute, contact us.
IRA – Individual Retirement Account in Vancouver WA
Serving Greater Vancouver WA