Individual Retirement Accounts (IRAs)

IRAs make a prudent choice for maximizing savings tomorrow while enjoying tax benefits today.

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or call 201-507-3257 to speak with a representative.

Product Features

Traditional IRA

Traditional IRAs give you tax deferred interest on your retirement savings: 

  • You may be able to deduct your annual IRA contribution on your federal tax return
  • Interest earnings in your Traditional IRA are tax-free until withdrawn from the account
  • Contribute up to age 70 ½ when you have earned income from employment
  • Make contributions for a tax year or up to your tax filing deadline for that tax year
  • Minimum required distributions must start at age 70 ½
  • No IRS penalties for distributions made after age 59 ½
Roth IRA

Roth IRAs allow people to set aside after-tax income up to a specified amount each year with earnings on the account and withdrawals after age 59½ tax-free. 

  • Roth IRA contributions are not tax deductible up front, but when funds are distributed in a “qualified distribution,” they incur no federal tax
  • No age limit on making contributions as long as you have earned income
  • Distributions are tax-free and IRS penalty-free for qualifying first-time homebuyers and those over age 59½
  • There are no required minimum distributions at age 70 ½. Your money can continue to grow until you need it.
Simplified Employee Pension (SEP)

The SEP-IRA gives small businesses as well as sole proprietors a retirement plan for their employees that’s easy to establish and offer real flexibility. 

  • Under a SEP-IRA plan, employers can contribute to employees’ existing IRAs. Contributions are tax-deductible by an employer and the earnings are tax deferred until withdrawn.
  • An employer does not have to contribute every year
  • Avoid the administrative costs and most reporting requirements of qualified retirement plans

BEFORE MAKING IRA DECISIONS CONSULT A TAX ADVISOR