- More flexible withdrawal options -- for a new home, college or special situations
- Tax-free withdrawals for qualified distributions upon meeting a five-year holding period.
- Individuals are eligible to contribute if their Adjusted Gross Income (AGI) is less than $110,000 (single) or $160,000 (married).
- Individuals may continue to contribute after reaching age 70 1/2, and there are no required minimum distributions.
- Qualified individuals may make nondeductible contributions of $4,000 ($5,000 age 50+) per year* or 100% of earned income, whichever is less.
- Qualified married couples may each contribute $4,000 ($5,000 age 50+) per year* assuming you or your spouse have earned of at least $8,000 ($10,000 age 50+).
- There is an aggregate contribution limit of $4,000 ($5,000 age 50+) per year* between Traditional and Roth IRAs.
* All contribution limits are stated for tax year 2006.
Regular IRAIndividual Retirement Accounts remain one of your best tax-sheltered investments. Many people still qualify for a full tax deduction for their IRA contributions. For those individuals who don't, all IRA accounts continue to earn interest on a tax deferred basis! Combining those tax-deferred earnings with compounded interest gives you rapid growth in the value of your IRA.
- You are eligible to contribute to an IRA if you have earned income. However, contributions may not be made for or after the year in which you reach age 70 1/2.
- You may also be eligible to deduct 100% of your IRA contribution.
IRA
MoneyMax Account
Our IRA MoneyMax account is a tiered Money Market Account that provides
high-yielding market rates. A minimum opening deposit of just $25 gets you
started. Plus, you can sign up for automatic transfers to your IRA MoneyMax
Account up to your maximum contribution limit.
This account is a tiered rate interest bearing account. The interest
rate and the APY will depend on the daily balance maintained in the account.
The interest rate and the Annual Percentage Yield (APY) on this variable rate
account is determined at the discretion of the bank, and can change at any time
without notice. Simple interest is paid and compounded monthly. If you close
your account before the interest is credited, you will not receive your accrued
interest. We use the daily balance method to calculate the interest on your
account. Interest begins to accrue on noncash items on the day of deposit.
For additional information regarding IRAs or IRA
contributions, please call one of our customer service representatives at 908
522-0090 or your local branch
office.
IRA CDs
Available for individuals seeking to fund their IRA account with long term FDIC insured savings, Ranging in terms from 3 to 36 months.
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