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An Individual Retirement Account (IRA) is a personal retirement account that helps you save for your retirement. IRAs offer either tax-deferred or tax-free growth of any earnings* and some IRAs even provide tax-deductible contributions.

Select the IRA that suits you best.

Traditional IRA

Contributions may be tax deductible, and earnings are tax-deferred.  Individuals with earned income may contribute up to $6,000 annually (through 2021); and if you’re over 50, you may make catch-up contributions up to $1,000.

Roth IRA

Created as an alternative to traditional IRAs, Roth contributions are not tax-deductible, although any earnings grow tax free if certain conditions are met.  This means paying taxes now to enjoy tax-free income in retirement.  Certain income limits are required to qualify.


Education IRA

Coverdell Education Savings Accounts

Any individual (including a child) can contribute to a child’s education IRA which will grow tax-free until withdrawal.  There is no limit on the number of education IRAs that can be established designating the same child as the beneficiary.  However, total contributions for the child during any tax year cannot exceed $2,000.

Spousal IRA

A spousal IRA is designed to help non-working spouses save for retirement by investing in a traditional or Roth IRA. Through 2021, couples can contribute up to $12,000 or more if they are both over age 50 as long as the total IRA contribution is less than their total earned income.

Rollover IRA

A rollover IRA is a great way for individuals who are changing jobs or retiring to continue to receive the same tax advantages they had with an employer-sponsored plan like a 401(k).  Plan assets are simply “rolled over” to an IRA where the assets and any earnings remain tax-deferred.  Plus, an IRA often offers more investment options and flexibility. Several individual IRAs can “roll over” into one Rollover IRA for simplification and consolidation of accounts.


Simplified Employee Pension IRAs are tax-deferred retirement plans for self-employed individuals or small companies.  SEP IRA contributions are made by the employer (or by the self-employed individual) but does not allow employee contributions unless the plan was established before 1997.

Simple IRA

A Savings Incentive Match Plan for Employees is a tax-deferred retirement plan available to self-employed individuals or small businesses with fewer than 100 employees that have no other retirement plan.  Contributions are made by both the employer and the employee.  The employer must establish this plan for the benefit of an employee.


* Taxes are due upon withdrawal.  Please consult your tax advisor to determine amounts you may deposit. Limits listed above are based upon 2021 guidelines.