Retirement Accounts
Investing for retirement requires planning and long-term commitment. Our retirement account options are here to help you achieve your investment goals. We offer accounts that are FDIC-insured up to $250,000 so you can consolidate more of your retirement savings into one plan at one institution-simplifying your taxes, simplifying your accounting and simplifying your life as you earn a competitive fixed rate of return.
| Traditional IRA | Roth IRA | |
| Eligible Age | Before the year in which you turn 70 ½ | None |
| Income Limits | None | Single - $101,000-$116,000; Married filing jointly - $159,000-$169,000; Married, filing individually - $0-$10,000 |
| Annual Contributions | Not Required | Not Required |
| Maximum Annual Contributions | $5,000; $6,000 for those older than 50 | $5,000; $6,000 for those older than 50 |
| Spousal Contributions | Accepted | Accepted |
| Contribution Due Date | April 15 of the next calendar year | April 15 of the next calendar year |
| Tax Consequences | Tax deferred earning. Contributions may be tax deductible. | Tax free earnings at retirement. Contributions are made with post-tax dollars. Tax-free distributions. |
| Distributions | Must begin by April 1 of the year after participant reaches age 70 ½ | No mandatory disbursements |
| Interest Rate Upgrade | If over age 59 ½, you can upgrade the interest rate every 18 months on 2 ½ or 5 year IRAs. Contributions are also accepted at that time. | If over age 59 ½, you can upgrade the interest rate every 18 months on 2 ½ or 5 year IRAs. Contributions are also accepted at that time. |
| Annual maintenance fee | None | None |
Rollover IRA
Do you have IRAs with different financial institutions? Consolidate them at Fidelity Bank.
- Move assets while maintaining your tax advantages
- Move assets from a Qualified Retirement Plan to an IRA and avoid tax consequences.
