Individual Retirement Accounts (IRA)

Savings Pig

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 addition 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Traditional IRA earnings are tax deferred until withdrawn.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

If you are under the age of 70 1/2 for the entire year and have earned income (or your spouse has earned income) you can contribute to a Traditional IRA. 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. People 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

You or your spouse must have earned income and your MAGI (modified adjusted gross income) cannot exceed certain limits. Contributions can be made even if you are over 70 1/2, if you meet the other rules of eligibility.

 

 

Pricing and terms quoted effective February 15, 2015.

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