Individual Retirement Accounts: Better Than Ever
Individual Retirement Accounts (IRA) create value for you to save for your retirement years and for funding education expenses. Education IRAs are now known as Coverdell Education Savings Accounts (ESA). Parents, grandparents and others should consider establishing an ESA to help meet the rising costs of a student's education.

Please call Western Security Bank for more information on Individual Retirement Accounts.

Traditional IRA

  • Must have earned income and not reach age 70½ by end of year.
  • Annual IRA contributions limits are set for each year; see IRS guidelines
  • Annual limit applies to any combination of IRA plans other than the ESA.
  • Contributions are fully tax-deductible if you are not an active participant in an employer retirement plan.
  • Contributions, up to the limit, are fully tax deductible if you are not an active participant in a retirement plan, otherwise phase-out rules apply.
  • Investments grow on a tax-deferred basis.
  • Earnings are taxed only upon withdrawal.
  • Opportunity for early withdrawal - Ask us about special circumstances.

Roth IRA

  • Contribute to a Roth IRA even after age 70 ½, with earned income.
  • Contributions will not be tax deductible, but the contributions and earnings can be withdrawn tax-free.
  • Same contribution limits as Traditional IRA listed above.
  • No required minimum distributions after reaching age 70 ½.
  • Convert your traditional IRA to a Roth IRA, to take withdrawals tax-free, however it is subject to income tax at present time.
  • Opportunity for early withdrawal - Ask us about special circumstances.

Catch-up Contributions

  • If you have reached age 50, you may be able to make a catch-up contribution. Ask your local branch for details.