Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Instead of dreaming of your golden years, start planning them. Putting money into an IRA offers tax-advantages* and is a smart way to build up your nest egg.

Since no two retirements are alike, we offer different plans to fit various financial situations. Talk to a CFB representative about which plan is right for you, and guarantee your golden years are good ones.


Features
  • Tax-advantaged* way to save for your retirement
  • Earn higher rates than regular savings to grow your nest egg fast
  • Must maintain a minimum $1,000 daily balance to earn disclosed interest rate
  • No setup or maintenance fees
  • Annual contribution limits
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Federally insured to $250,000 by FDIC
  • No minimum deposit to open

*Consult with a tax advisor

Traditional vs. Roth

Traditional IRA

  • Anyone under age 70½ may open
  • Contributions are tax deductible *
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

*Consult with a tax advisor

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

Roth IRA

  • Income limits to open
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

*Subject to some minimal conditions.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.