Individual Retirement Accounts (IRAs)
It's never too late to plan ahead for your golden years. An IRA from Georgia Banking Company can help, with competitive rates and a variety of maturity dates and rates to suit your specific needs.
Open this valuable investment vehicle with just a $500 minimum deposit, and start saving now toward a happy retirement. Ask one of our financial experts and get started today to make sure your future is financially sound.
- Traditional, Roth, and rollover IRA options
- No setup fees
- No monthly or annual maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- $500 minimum opening deposit
- Competitive rates
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
Are you getting ready to move or change jobs? A rollover IRA allows for the tax-free movement of funds from a qualified retirement plan (such as 401(K), pension or profit sharing plan) to an IRA, to allow for continued tax-sheltered growth of funds.
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.