Individual Retirement Account
- $500 minimum investment
- No setup fee
- Low annual fee
- No fee for incoming transfers or rollovers from an IRA or 401(k)
- IRAs are insured up to $250,000
If you have a 401(k) from a previous employer or are retiring, there is generally a deadline to rollover the funds in order to keep its tax-deferred status. Use the following steps to do a direct rollover:
2016 Maximum Traditional or Roth IRA Contributions
2016 Maximum “Catch-up” Contribution
$1000.00 if IRA owner is 50 or over.
Direct Transfer - Unlimited direct transfers, which move IRA funds from one IRA to another, requires no IRS reporting.
Direct Rollovers - Funds withdrawn from qualified plans to be put in an IRA are reported to the IRS but allows the member to avoid the mandatory 20% withholding that would take place if they took cash distribution. Direct distribution from a qualified plan may be placed in an IRA.
Please consult your financial advisor on your maximum annual contributions.
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