Put your money to work for you


All of us aim to live comfortably – especially after we retire. Setting up an Individual Retirement Account (IRA) allows you to benefit from certain tax advantages while taking your retirement savings into your own hands.

Contributing to an IRA means that your money may be locked in for a while, so it’s important to choose one that complements your long-term goals. Visit a branch to discuss your options and open an IRA.

Open In-Branch

Roth IRA
Roth IRA
Roth IRA may make sense if you can afford to pay the taxes now in order to save on taxes when you retire.
Contributions are not tax-deductible.
Withdraw your contributions at any time, tax and penalty free.
Any earnings generated within the Roth IRA are tax-deferred (you do not pay tax on the earnings until you withdraw them).
Withdraw the earnings tax-free after you have owned a Roth IRA for at least five years, and you are age 59½ or older, disabled, a first-time home-buyer, or for qualified higher education.
Traditional IRA
A Traditional IRA may make sense if you want a tax deduction now or you anticipate being in a lower tax bracket during retirement.
You are eligible to contribute if you are under age 70½ and earn income or file a joint return with a spouse who earns income.
Any earnings generated within the IRA are tax-deferred. You do not pay tax on the earnings until you withdraw them.
If your Traditional IRA contributions are tax-deductible and therefore tax-deferred, you do not pay taxes on them until you withdraw the money.
The IRS requires periodic disbursements at age 70½.

“I had gone to a bank and wasn’t offered any options. Everyone at Family Trust said, ‘A PayBack IRA is your best bet,’ and they set it up in 10 minutes. I got a good rate compared to what everyone else is offering. I love it.”

Member since 2013

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