IRA’s are special accounts in which you can save and invest money for your retirement. ROTH Individual Retirement Accounts are special accounts in which you can save and invest money for your retirement. A SIMPLE Retirement Account is a retirement plan by employers, including self-employed individuals that allow eligible employees to contribute part of their pretax compensation to the plan. At The Hamilton Bank, there are no set up fees or any annual service fees. The minimum opening deposit of $500 is required for any of these IRA’s.
Individual Retirement Accounts (IRA)
- Contributions may be tax deductible
- Earnings are exempt from taxes until withdrawn
- May begin withdrawing without penalties at age 59
- Must start taking withdrawals at age 72
- Fees may reduce earnings
- Early withdrawal penalties may apply
Roth Individual Retirement Accounts
- Contributions are not tax deductable
- Earnings are tax-free for qualified distributions
- No mandatory withdrawals at any age
- Contributions are subject to income limitations
- Fees may reduce earnings
- Early withdrawal penalties may apply
Simple Retirement Accounts
- Tax on the money is deferred until distribution
- Fees may reduce earnings
- Early withdrawal penalties may apply
Coverdell Education Savings Account
This acccount is a tax-deferred trust account by the U.S. government to assist families in funding educational expenses for beneficiaries 18 years old or younger.
- No annual service fees
- No set up fees
- Minimum opening deposit of $500.00
