Retire in Style with a Park Community IRA
It’s never too early to start planning for retirement, and Park Community has all the options you need to get started. Just choose from a traditional or Roth IRA and you’re on your way to earning great rates.
Not sure which IRA is right for you? Follow these simple steps.
- Choose your IRA – we have both Traditional and Roth IRAs. The simple rule of thumb is that if you expect to be in a lower tax bracket at retirement, choose traditional. If you expect to be in a higher tax bracket at retirement, choose Roth. Contributions to traditional IRAs may also be deductible, while contributions to Roth are not deductible; however, when you pull qualified money out of your Roth IRA it is not taxed while traditional IRA distributions are added to your taxable income. This chart explains it all: Which IRA is right for you?
Traditional IRA Roth IRA Deductibility** Contributions may be deductible Contributions are not deductible Treatment of Earnings Earnings grow tax-free and are added to taxable income for the year distributed Earnings grow tax-deferred and qualified distributions are tax free Tax Bracket Good choice if you expect to be in a lower tax bracket when you retire Good choice if you expect to be in a higher tax bracket when you retire Income Caps No income caps Income caps may prevent some from contributing
- Open either a traditional IRA savings account or a Roth IRA savings account and make contributions. When your account is up to $500, go to step 3.
- Earn more interest by opening either a traditional IRA certificate or a Roth IRA certificate. If you already have $500 to contribute, skip step 2.
If you’re a student, check out our Coverdell Education Savings Account.
Contact us today for more information at 502/968.3681 or 800/626.2870
|IRA Accounts (Roth or Traditional)||Interest Rate||APY*|
|6 month IRA Certificate||0.30%||0.30%|
|12 month IRA Certificate||0.747%||0.75%|
|18 month IRA Certificate||0.747%||0.75%|
|24 month IRA Certificate||0.995%||1.00%|
|36 month IRA Certificate||1.390%||1.40%|
|48 month IRA Certificate||1.637%||1.65%|
|60 month IRA Certificate||1.980%||2.00%|
*APY=Annual Percentage Rate. Rates as of 10/01/2014 and subject to change without notice. An early withdrawal penalty may be imposed on certificate accounts. For more detailed information, call 502/968.3681 or 800/626.2870.
**Please consult a skilled tax advisor regarding tax deductibility.