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.
IRAs can be an investment account designed for building your retirement savings. To help meet you retirement goals, we offer Traditional and Roth IRAs, each featuring different tax treatments of your contributions and varying eligibility requirements.
Traditional IRA contributions are considered tax deductible investment. This account can benefit you by offering valuable tax benefits.
Roth IRA contributions are considered non tax deductible investment that features withdrawals that can generally not be taxed when withdrawn for a qualified distribution type.
CBTC encourages you to consult with your tax professional concerning your specific IRA situation and visit www.irs.gov for all current tax rules.
Please refer to the Service Charge Schedule for details on service fees such as paper statement, monthly service charges, and others.
