Traditional IRA

Tax deferred growth fuels your retirement.

A traditional IRA is a valuable option for any retirement planning portfolio because of its tax-deferred growth.

Work at saving today…enjoy your retirement tomorrow:

Tax deferred growth: interest compounds faster because you don't pay taxes on earnings until you make a withdrawal
Tax deductibility: Contributions are made with pre-tax dollars and can be partly or fully tax deductible depending on income and if you are in an your employer's retirement plan.
Contributions: Maximum contribution per year is $5,000 or 100% of your earned income, whichever is less. Those 50 years old or better can contribute an additional $1,000 per year as a catch-up feature.
Withdrawals: Withdrawals are taxed as ordinary income. Qualified withdrawals can begin at age 59 ½ but must begin by age 70 1/2. You may withdraw money from your IRA without penalty in a number of other circumstances:
- Purchase of a first home
- Death or disability
- Taking equal periodic payments
- Payment for certain health insurance, medical expenses, or higher education expenses

Guaranty Bank offers IRA Certificates of Deposit ranging from six months to five years. IRA's offered through Guaranty Bank are FDIC insured.