Saving for retirement is important, and at
Coconut Grove Bank, we make it easier. Choose the account
that best addresses what your needs are now – and your
goals for the future. IRAs are available to all qualifying
individuals for terms of 18 months, with a minimum deposit
of only $100 to open the account. The Individual Retirement
Account guarantees growth in your retirement fund, and because
the interest accrues tax-free, it increases in value even
faster!
| Tax deferred earnings
on savings |
Retirement savings grow faster. |
| Contribution may be tax
deductible |
Depending on income, eligibility
and IRA type selected (Traditional or Roth) all or part
of the contribution may qualify to reduce income taxes. |
| FDIC Insured |
Account balance insured up
to the maximum allowed by the Federal Deposit Insurance
Corporation for safety and peace of mind. |
TRADITIONAL IRA
A traditional Individual Retirement Account allows you to
defer taxes on your contributed earnings until they are withdrawn.
In general, you may contribute up to $4,000 of earned income
for your retirement each year. In most cases, your contribution
is tax-deductible on your Federal income tax return.
Withdrawals may be made after age 59 1/2 or for first-home
purchase or qualified higher education expenses without penalty.
Normal taxes will apply at that time. Complete details are
available separately from your Coconut Grove Bank representative.
ROTH IRA
The Roth Individual Retirement Account is a non-deductible
retirement account that features tax-free withdrawals for
certain distribution reasons after a five-year holding period.
Roth IRA contributions are made with earned income - that
is, taxable - thereby making distributions tax-free. If you
expect to be in a higher tax bracket when you retire, a Roth
IRA may be a better choice than a Traditional IRA.
This account must be held for five years. Withdrawals may
be made after age 59 1/2 or for first-home purchase or qualified
higher education expenses without penalty. Complete details
are available separately from your Coconut Grove Bank representative.
Account Restrictions:
If you close either account during the grace period, you will
not be paid interest for the grace period that has elapsed.
The penalties disclosed in the Certificate of Deposit, Early
Withdrawal Penalty section apply to an early withdrawal for
account holders younger than 59 1/2 years of age. Contributions
may be made to existing IRA's not to exceed $4,000. After
the account is opened, you may not make withdrawals from this
account until the maturity date. The annual percentage yield
assumes interest will remain on deposit until maturity. A
withdrawal will reduce earnings. IRA funds may be deposited
into a Certificate of Deposit with other terms at the prevailing
interest rates and terms described for Certificates of Deposit
at the time of opening.
Getting Started:
For additional details and restrictions or to open an account,
please visit your local Coconut Grove Bank Branch Office.
Click here for hours and branch
locations.
|
