Contribution may be fully or partially deductible depending on your income level and participation in an employee-sponsored retirement plan
You can contribute if you are under age 70½ for the entire year and have earned income
Funds may be withdrawn without penalty after you reach 59½ or sooner for other reasons (disability, excessive medical expenses, higher education, first time home purchase) within certain limitations
Funds must start to be distributed after reaching age 70½ years
Open an IRA CD or IRA Investment Account
Traditional & Roth IRA Limits
Year
Contribution Limit
2007
$4,000
2008
$5,000
Contribution limits up to 100% of earned income increase over the years
Catch Up Limits
Year
Contribution Limit
2007
$5,000
2008
$6,000
2009 and thereafter
$6,000 and cost of living adjustment
Catch up limits are for individuals who have reached the age of 50 before the end of the tax year
All IRAs are fixed rate with the exception of the IRA Investment Account which is a variable rate product and subject to change after account is opened. Substantial penalty may be imposed for early withdrawal. All IRA yields above are subject to change without notice.
