Traditional IRA
- Traditional IRAs provide individuals with the opportunity to save for retirement.
Contributions may be tax deductible and earnings are tax deferred until withdrawal.
Generally, you may contribute $4,000.00 or 100% of earned income annually,
whichever is less. Individuals age 50 and older
may save an additional $1,000 per year. The contribution limit for
Traditional and Roth IRAs is aggregated. For example, if you are
age 50 or older, you may contribute $5,000 to a Traditional IRA or a
Roth IRA, but if you contribute to both, the total contribution to
both will be limited to $5,000.
ROTH IRA
- The Roth IRA is the most exciting new personal savings option since IRAs were first
permitted in 1975. Contributions to a Roth IRA are not deductible, but if the
savings are distributed in "qualified distributorship", they are tax free.
Therefore, the earnings on the Roth IRA are generally tax free.
Generally, you may contribute $4,000.00 or 100% of earned income annually,
whichever is less. Individuals age 50 and older
may save an additional $1,000 per year. The contribution limit for
Traditional and Roth IRAs is aggregated. For example, if you are
age 50 or older, you may contribute $5,000 to a Traditional IRA or a
Roth IRA, but if you contribute to both, the total contribution to both
will be limited to $5,000.
Coverdell
Education Savings Accounts -
A Coverdell Education
Savings Account is a savings account that is
used to help individuals save for qualified higher education expenses of
a designated beneficiary (child). Generally, you may
contribute a maximum of $2,000.00
per year. The
Coverdell Education Savings Account
offers two tax advantages:
SEPP IRA
- The Simplified Employee Pension Plan (SEPP) is a quick and easy retirement plan for you
and your employees. All types of businesses may set up SEPPs -- Sole
Proprietorships, Partnerships, Corporations and Subchapter S Corporations.
For more information regarding contributions please
contact Home Federal.
Be sure to check out our Rates, Time
Certificates of Deposit Disclosures, and Escalator
Certificates of Deposit Disclosures for further details.
Why wait to get started on your savings goals? Apply Today
and let Home Federal help you on your way to financial peace of mind!
