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 | |
|---|---|---|
| Age Limit for Contributions | None | None |
| Maximum Income Limits for Contributions | None | 2022: Single - $129,000-$144,000; Married filing jointly - $204,000-$214,000 2023: Single - $138,000-$153,000; Married filing jointly - $218,000- $228,000 |
| Annual Contributions | Not Required | Not Required |
| Maximum Annual Contributions | $6,000; $7,000 for those older than 50 (2022) $6,500; $7,500 for those older than 50 (2023) | $6,000; $7,000 for those older than 50 (2022) $6,500; $7,500 for those older than 50 (2023) |
| 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 73 | 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 |
*If April 15 falls on a Saturday or Sunday, contribution due date is the next business day.
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.