IRELAND IRA (Individual Retirement Accounts)

Your retirement is important to you, therefore it is important to us! Ireland Bank will help you dream big and put your mind at ease with one of our great IRAs. We offer both Traditional and Roth IRAs with flexible terms and outstanding customer service.

• Online Banking
• Mobile Banking¹
• Interest compounded and paid quarterly
• Contact your local branch for current rates and additional account details

Traditional IRA

Traditional IRA earnings are tax deferred until withdrawn. Certain contributions are tax deductible in the year they are made. For more information, consult your tax adviser or visit www.irs.gov/retirement.

Eligibility

Individuals who have compensation (generally earned income) can make traditional IRA regular contributions for 2020 and subsequent tax years regardless of age. You are eligible even if you already participate in any type of government retirement plan, tax sheltered annuity, simplified employee pension plan (SEP), saving incentive match plan for employees of small employers (SIMPLE) or qualified plan (Pension or Profit Sharing) established by an employer.

Roth IRA

A Roth IRA features tax free withdrawals for certain distributions, following a five year holding period. Contributions to a Roth IRA are non-deductible and taxed in the year they are earned. Individuals who expect to be in a higher tax bracket when they retire, may benefit more from this type of IRA than a Traditional IRA.  For more information, consult your tax adviser or visit www.irs.gov/retirement.

Eligibility

Individuals who have compensation (generally earned income) can make Roth IRA regular contributions for 2020 and subsequent tax years regardless of age. The amount you may contribute may be limited based on your Modified Adjusted Gross Income (MAGI).