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FDIC-Insured – Backed by the full faith and credit of the U.S. Government
Retirement
IRA Illustration

No alarms and no surprises please.

Now is the perfect time to start investing in your retirement and stability for the future.
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Retirement Planning

For those looking to maximize their retirement savings, or those without a retirement plan at work, an IRA provides an individualized saving option.

Retirement Calculator
Retirement Calculator
Types of IRAs
Traditional
Tax-deferred until retirement
Contribute at any age with taxable compensation
Maximum Contribution (2024)
  • $7,000 if under age 50
  • $8,000 if age 50 or older
Tax Advantages

Pay no taxes until you take distributions.

Tax Deductions

Depends on:

  • Your earnings
  • Whether you (or your spouse, if married) participate in an
    employer’s retirement plan
  • Your tax filing status
Distributions

Reportable and may be subject to income tax. Distributions are IRS penalty-free after age 59½.

Req’d Minimum Distribution

Mandatory at age 73 if you turn 70½ in 2020 or later.

Roth IRA
Tax-Free growth & withdrawals
Contribute at any age with taxable compensation
Maximum Contribution (2024)
  • $7,000 if under age 50
  • $8,000 if age 50 or older
Tax Advantages

Tax-free when you take distributions.

Tax Deductions

Contributions are not deductible.

Distributions

Tax-free after 5 year IRS holding period and you are 59½. Distribution of a contribution is IRS tax and penalty-free.

Req’d Minimum Distribution

None

SEP IRA
Self-employeed or small business
Only the employer can make contributions
Maximum Contribution (2024)

Employer contributions that are lesser of 25% of employee’s compensation or $69,000.

Tax Advantages

Pay no taxes until you take distributions.

Tax Deductions

The lesser of your contributions or 25% of employee’s compensation (limited to $345,000) not to exceed $69,000.

If you’re self-employed, your business can generally deduct the contributions you make to your own SEP IRA.

Distributions

Reportable and may be subject to income tax. Distributions are IRS penalty free after age 59½.

Req’d Minimum Distribution

Mandatory at age 73 if you turn 70½ in 2020 or later.

Certificate of Deposit Accounts do not receive statements; the account holder will receive a maturity notice and letter. Your Certificate of Deposit balance can be viewed at any time through Online Banking.

IRA Products
Fixed-Rate
Terms: 6, 12, 18, 30, 48, 60 months
$100 Opening Balance
$100 Minimum Balance
Benefits
  • If age 59½ and above – eligible for annual rate upgrade
  • May make additional contributions at any time 3
PENALTIES 1
6 and 12 month terms – 3 months (90 days) simple interest on amount withdrawn
‍
60 month term – 12 months simple interest on amount withdrawn

All Other Terms – 6 months (180 days) simple interest on amount withdrawn
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Products & Services Fee Schedule (PDF)

1 IRS penalty may also apply

2 Subject to IRS rules

3 Other terms available; visit or call a Piedmont Federal branch for more information.