Individual Retirement Accounts (IRAs) help you save for retirement and offer tax advantages as well. Depending on the type of IRA plan you choose, your contributions may be tax deductible and increase in value on a tax-deferred or tax-free basis. The Coverdell Education Savings Account, formerly the Education IRA, allows a parent, grandparent, or anyone to set aside education funds for a child or loved one. Thse funds can be withdrawn for qualified expenses tax-free.

Recent changes in federal laws make IRAs more attractive for retirement and education planning.

Traditional and Roth IRAs offer:

• Increased IRA contribution limits
• Additional contributions for anyone over age 50
• Increased options for rollovers between Qualified Retirement Plans and IRAs

Coverdell Education Savings Accounts provide:

• Increased annual contribution limits up to $2,000 per child, per tax year
• In addition to higher education costs, Qualified Expenses now include qualified elementary and secondary school expenses
• Tax free withdrawals

For additional information, visit with a Customer Service Representative. For current interest rates, click here.