IRA

(Individual Retirement Account)

Learn more about IRAs by reading over each type.


Traditional IRA

A Traditional IRA may be tax deductible. You may contribute annually up to 100% of your earned income or $5,000.
Persons 50 and older may contribute an additional $1,000 annually as a "catch-up" contribution. The funds are invested
in Certificates of Deposit. Certain withdrawals from this IRA may have a penalty.

Self-Direct IRA

A Self-Direct IRA is a traditional IRA that allows qualified investments,
other than time deposits. (Such as Stocks and Bonds, etc.)

Simplified Employee Pension (SEP) IRA

A Simplified Employee Pension (SEP) IRA is a plan set up with a regular IRA. The employer is responsible for the
amount of funds that are deposited on behalf of the employees. The funds are invested in Certificates of Deposit.

Roth IRA

Roth IRA is not tax deductible. You are allowed some tax free withdrawals for distribution reasons, after a five
year holding period. You may contribute annually up to 100% of your earned income or $4,000 (through 2006 and 2007,
limits increase to $5,000 in 2008), depending on your modified adjusted gross income. Persons 50 and older may contribute
an additional $1,000 annually as a "catch-up" contribution. The funds are invested in Certificates of Deposit.


Educational IRA

An Educational IRA is not tax deductible. It allows tax free withdrawals for a child's higher education expenses.
A contribution on behalf of a child under the age of 18 is $2000 annually, depending on modified adjusted gross income.
The funds are invested in Certificates of Deposit.


Simple IRA

A Simple IRA works similar to a 401K. The employer maintains and establishes this plan. The funds are invested in Certificates of Deposit.