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If you’re like most people, you have a bucket list a mile long — but inadequate funding. It’s never too late to start saving. We offer different IRAs, depending on your financial needs. Talk to one of our representatives about which plan is right for you and your family.

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  • Save for retirement with tax advantages*
  • Earn competitive interest higher than regular savings
  • Available in traditional and Roth
  • Annual contribution limits apply
    • $1,000 annual “catch up” contributions allowed for ages 50 and better
  • No annual or set up fees
  • Federally insured
  • $2,500 minimum deposit to open
    • Club IRA’s available with low minimum opening deposit of $100.00 with penalty free transfers to a Dime Bank Term IRA account each time the balance in the club reaches $2,500.00.

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

  • No income limits to open
  • No minimum contribution requirement
  • Contribution limits apply**
  • Contributions may be tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59 1/2
  • Early withdrawals subject to penalty*
  • Mandatory withdrawals at age 70 1/2

Roth IRA

  • Contribution limits apply**
  • Income limits to be eligible to open Roth IRA**
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59 1/2
  • Early withdrawals on dividends subject to penalty***
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Refer to the IRS website for current limits.

***Certain exceptions apply, such as healthcare, purchasing first home, etc.