IRA (Individual Retirement Accounts)
We offer several types of IRA accounts.
The Traditional IRA allows individuals under the age of 70 ½ with earned income to contribute yearly to an IRA account*. Deductions on IRA accounts are based on a customer's adjusted gross income, tax filing status and whether the customer is a participant in an employer maintained benefit plan.
The ROTH IRA is a non-deductible IRA that features tax-free withdrawals for certain distributions after a 5-year holding period. There are two requirements to be eligible to contribute to a ROTH IRA. You must have eamed income and your adjusted gross income must be within the allowed limits.
All IRA contributions can be invested in certificates of deposit with varying maturity dates. IRA's at Peoples feature premium rates and some allow additional deposits during the term of the account. How do you open an IRA account? Simply see one of our IRA specialists. They can explain the details of these accounts and complete the necessary paperwork to establish your IRA account.
Be sure to speak with one of our customer service representatives and ask for information pamphlets on:
- Traditional & Roth IRA
- Distributions - Withdrawing Money From Your IRA
- Your Choice for a Better Retirement -
- Increasing Contributions Limits
- Extra Contributions for Ages 50+
- Possible Tax Credits
- Rollovers Transfers Conversions - Moving Your Money Between Retirement Plans
*Contribution limits will increase each year through 2008 are and subject to cost-of-living adjustments (COLA) each year thereafter. In addition IRA ownern who have reached the age of 50 may contribute an additional amount to 'catch up' their retirement savings.
