IRA Information
Traditional IRA's
- FDIC Insured
- Fixed & Variable rates
- Terms from 12 months to 5 years
- Minimum investment as low as $10
- Automatically renewable
- Catch up contributions of up to $1,000 allowed for qualified individuals
- No annual fee
- Annual contributions may be up to $5,000 in 2009 per individual
- Contributions may be partially or fully deductible
- Earnings grow tax-deferred
- Distributions are generally taxable, but penalty-free if withdrawn for a qualified reason
- Required distributions at age 70 1/2
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Roth IRA's
- FDIC Insured
- Fixed & Variable rates
- Terms from 12 months to 5 years
- Minimum investment as low as $10
- Automatically renewable.
- Catch up contributions allowed for qualified individuals.
- No annual fee.
- Annual contributions may be up to $5,000 per individual in 2009.
- Distributions can generally be withdrawn tax-free
- No required minimum distribution
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Coverdell Education Savings Account's (CESA)
- FDIC Insured
- Fixed & Variable rates
- Terms from 12 months to 5 years
- Minimum investment as low as $10
- Automatically renewable.
- No annual fee.
- Annual contributions may be up to $2,000 in 2009 per child under the age of 18.
- Earnings grow tax-deferred.
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