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Home Personal Banking Overview Retirement Accounts

Personal Banking Retirement Accounts



 

Traditional IRA

ROTH IRA

Contributions

Contributions may be tax deductible.  Contributions withdrawn at or after age 59 ½ are taxed at your current federal income tax rate.

Contributions are not tax deductible.  Contributions (not earnings) can be withdrawn tax free at any time.

Earnings

Any earnings grow federal income tax deferred until withdrawn at or after 59 ½ at which time they are taxed at your current federal income tax rate.

Any earnings are federal income tax free if withdrawn at or after age 59 ½.  Certain restrictions may apply.

Eligibility

Anyone under the age of 70 ½ who has earned income equal to or greater than their IRA contribution amount.

Any age, as long as your modified adjusted gross income (MAGI) does not equal or exceed established limits.

Required Minimum Distribution

Required Minimum Distribution (RMD) must be taken in the year which you turn age 70 ½, unless you qualify for an exception.

No Required Minimum Distribution (RMD) ever.

Investment Options

You may invest in any Kopernik Bank "Certificate of Deposit"

You may invest in any Kopernik Bank "Certificate of Deposit"