IRAs

Let Chartway help you discover a way to be better prepared to enjoy your retirement years.

We’ll work with you to see how a Traditional IRA or Roth IRA fits into your retirement plan. Ask us about our administrative fees for IRAs. (Spoiler: there aren’t any.)

Traditional Individual Retirement Account

Tax advantages now and in the future

Save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions. Your tax advisor can help you determine what’s best for you.

Certain situations allow for penalty-free withdrawals, for example, first-time homebuyer expenses, qualified higher education expenses, certain unreimbursed medical expenses, and more. Please contact us for more information about IRA withdrawals.

Roth Individual Retirement Account

Tax breaks and more flexibility

Fund your Roth IRA with after-tax income and enjoy tax-deferred earnings, which usually means no taxes on withdrawals. Make contributions at any age and keep the IRA open as long as you like. There are no withdrawal requirements. Questions about Roth IRA details? Please give us a call. There’s a lot to talk about.

IRA Share Certificates

It’s an IRA. It’s a share certificate. It’s both!

Open a share certificate as an IRA and take advantage of tax-deferred savings. Unlike some other IRA investments, there are no administrative fees, so all your money stays yours!

Individual Retirement Account Rates

Table data for IRA Share Savings Rate
 Effective 01-27-2020
Dividends APY1 Balance Requirement Alert Me
IRA Share 0.40% 0.40% $100.00 - $99,999,99
0.85% 0.85% $100,000 - $149,999.99
1.00% 1.00% $150,000 +
1Annual Percentage Yield. Fees could reduce earnings on the account (applies only to maintenance or activity fees).

Did you know? Congress has passed significant changes to retirement savings law effective in 2020.

Some of the changes include the following:

  • Contributions to Traditional IRAs after age 70 ½.  Individuals may now continue contributing to an IRA at any age, as long as they have earned income.
  • Change to RMD age:  The law raises to 72 from 70 ½ the age at which individuals must begin taking RMDs from their retirement accounts.  Important: The new law only applies to people who turn 70 ½. After December 31, 2019.  If a person turned 70 ½ in 2019, the law does not apply, that person must take an RMD in 2019, 2020, and beyond.
  • Penalty-free withdrawals for birth/adoption expenses.  New parents can withdraw up to $5000.00 from an IRA, or an employer-sponsored retirement plan to pay for birth and/or adoption expenses, through the first year after the birth or adoption.  Taxes still need to be paid on per-tax contributions, but no IRS penalties apply to the withdrawal.