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IRAs

IRAs

Diversify your portfolio with these special retirement savings accounts.

 

Traditional IRA Benefits

  • FREE Online Banking and Telephone Banking 
  • Funded with pre-tax dollars
  • Adjusted gross income limitations apply
  • Non-working spouse may contribute up to the maximum amount annually
  • Working spouse may contribute up to the maximum amount annually
  • Withdrawal eligibility begins at age 59 1/2
  • Mandatory withdrawals must begin by age 70 1/2
  • Ability to make “catch-up” contributions of the maximum amount may begin at age 50
  • Withdrawals in retirement subject to ordinary income taxes
  • Early withdrawals may be subject to normal early withdrawal penalties
  • Semi-annual statement
  • Interest compounded
  • FDIC insurance

Roth IRA Benefits

  • FREE Online Banking and Telephone Banking 
  • Funded with after-tax dollars
  • Adjusted gross income limitations apply
  • Savings accrue tax-free
  • Split eligibility possible with Traditional IRA
  • Contributions may be made at any age
  • No mandatory withdrawal age
  • Withdrawals may begin at age 59 1/2
  • Ability to make “catch-up” contributions of the maximum amount may begin at age 50
  • Semi-annual statement
  • Interest compounded
  • FDIC insurance 
Making the right decision for your retirement savings is crucial.
 
Commercial Bank’s Individual Retirement Account is a great way to start planning at any age. To help you meet your retirement goals, we offer Traditional and Roth IRAs, each featuring different tax treatments of your contributions and varying eligibility requirements.