Individual Retirement Accounts

Individual Retirement Accounts (IRA)

Minimum of $500 to open
Competitive rates
No setup fees
No monthly or annual maintenance fees

It's never too late to plan ahead for your golden years.

An IRA from GBC 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.

Features:

Traditional, Roth, and rollover IRA options
$7,000 contribution limit for 2024
Additional $1,000 "catch-up" contribution allowed for ages 50+

Traditional vs. Roth

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.

Traditional IRA	Roth IRA
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 73	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Roth IRA³ Contributions are NOT tax deductible Earnings are 100% tax free at withdrawal¹ Principal contributions can be withdrawn without penalty¹ Withdrawals on interest can begin at age 59½ Early withdrawals on interest subject to penalty² No mandatory distribution age No age limit on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

1 Subject to some minimal conditions. Consult a tax advisor.
2 Certain exceptions apply, such as healthcare, purchasing first home, etc.
3 Consult a tax advisor.

Rollover IRA 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.

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Individual Retirement Accounts