Individual Retirement Accounts

Reach your retirement savings goals with an IRA account that gives back and offers tax benefits to those who qualify.
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How to Get Started?

The Traditional and Roth IRAs offered by RiverWood Bank are just a few of the options available to you. They differ primarily in how and when your money is taxed. With a Traditional IRA, the tax advantage is that your contributions are tax-deductible in the year they are made. On the other hand, a Roth IRA offers the benefit of tax-free withdrawals during retirement. In addition to these, we also offer other types of IRAs. To determine the best IRA option for you and to check your eligibility, we recommend consulting with a knowledgeable RiverWood Banker, as the IRS has specific rules that must be followed. It's also advisable to seek guidance from a tax advisor for further assistance.

Traditional IRAs*

  • Contributions to a Traditional IRA may be tax-deductible, up to 100%, but distributions are generally taxable.
  • Earnings grow tax deferred.
  • Distributions are required to be taken by Traditional IRA holders beginning at age 73.
  • Distributions are generally taxable, but are penalty-free if withdrawn under one of the following circumstances:
    • Attaining age 59 ½;
    • Incurring a disability;
    • Payment for certain health insurance, medical expenses, and higher education expenses;
    • Payment for first-time homebuyer expenses;
    • Death (payments to beneficiaries); or
    • Being a qualified military reservist.

Roth IRAs*

  • Contributions to a Roth IRA are not deductible.
  • Earnings can grow tax free.
  • Contributions can generally be distributed tax free at any time.
  • Distributions are not required by Roth IRA holders, though beneficiaries may be subject to required distributions.
  • Earnings can be distributed tax free if the Roth IRA holder first made a Roth IRA contributions at least five years ago, and one of the following events occurs:
    • Attaining age 59 ½;
    • Incurring a disability;
    • Payment for first-time homebuyer expenses; or
    • Death (payments to beneficiaries).

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