Individual Retirement Accounts

What a better time than now to start saving for retirement! Here at CSB we offer many different retirement accounts to choose from, so you can choose what fits you best!

 

IRA Comparison

IRA Options

Traditional IRA

Roth IRA

 

Who is eligible?

Anyone under the age of 70 ½ with earned income. Also available to non working spouses. 

Available to anyone who has earned compensation and meets income limits. Also available to non working spouses. 

How much can I contribute?

Annual contribution limits. Person over the age of 50 can make catch up contributions.

Annual contribution limits. Person over the age of 50 can make catch up contributions.

Are IRA contributions tax deductible?

Yes, subject to retirement plan participation status and modified adjusted gross income limits.

No. The Roth IRA is a non-deductible account that features tax free withdraws for certain distributions reason after a 5 year holding period.

When can I withdraw my money without penalty from the IRS?

Anytime after the customer reaches the age of 59½ or under the following circumstances:

  • Customer dies or becomes disable
  • Distributions are part of certain periodic payments
  • For medical expenses in excess of 7.5% of MAGI
  • For health insurance premiums if the customer has been receiving unemployment compensation for 12 weeks or longer
  • For higher education expenses
  • First time home buyer

The principal may be withdrawn anytime
without IRS penalty. Anytime after the
customer reaches the age of 59½ or under
the following circumstances:

  • Customer dies or becomes disable
  • Distributions are part of certain periodic payments
  • For medical expenses in excess of 7.5% of MAGI
  • For health insurance premiums if the customer has been receiving unemployment compensation for 12 weeks or longer
  • For higher education expenses
  • First time home buyer

Nest Egg IRA

Available as a fixed or variable rate product. Call your CSB Customer Service Representative today for more information.