Individual Retirement Accounts (IRAs)
Plan for a richer retirement by opening an IRA with Greater Nevada. These tax-advantaged accounts can help ensure you fully enjoy your golden years. We offer traditional and Roth IRAs with excellent rates. You can get started with as little as $1; the important thing is simply to get started.
- Traditional IRA
Anyone can open a traditional IRA. Contributions can be deducted from current tax returns, and the earnings are tax deferred (when they'll be subject to a lower tax bracket once you're retired).
- No annual fee
- Dividend earnings are tax deferred
- Contributions can be deducted from income tax returns*
- Must be under age 70½ to open
- $5,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 59+
- Withdrawals can begin at age 59½
- Mandatory withdrawals at age 70½
- Early withdrawals subject to penalty**
- Funds are federally insured to $250,000
*Consult with a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Roth IRA
Your income must be less than $95,000 annually ($150,000 for married couples) to open a Roth IRA. While you cannot deduct contributions with a Roth IRA, your earnings are completely tax free upon withdrawal. Another advantage is your principal contributions (but not the interest) may be withdrawn without penalty.
- No annual fee
- Earnings and principal are 100% tax free upon withdrawal
- Contributions are not tax deductible
- $5,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 59+
- No mandatory distribution age
- Principal contributions can be withdrawn without penalty*
- Early withdrawals on interest subject to penalty**
- Funds are federally insured to $250,000
*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Shares or Certificates
Greater Nevada offers you a variety of ways to invest in your IRA. Whether you have a traditional or a Roth IRA, you have a choice to save via an IRA share account or IRA certificate.
An IRA share account requires no minimum balance or term, and pays a variable rate. This is often chosen for a first-time IRA, or for holding your IRA while you decide where to reinvest it.
IRA certificates require a minimum balance and term, but typically pay a higher fixed rate over IRA share accounts.
