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Secure Your Future with the Right IRA for Your Needs

CommunityWide offers a variety of accounts and tools that can help you meet your future financial needs. The sooner you start saving for retirement, the more secure your financial future will be. Getting started is easy. With an opening deposit of $2,000 you can take the first step toward building your nest egg.  Not sure which IRA is right for you? It all depends on if you would prefer to pay taxes on your retirement now instead of later. If you prefer to pay now, we recommend a Roth IRA. Check out the details below to decide which IRA type makes the most financial sense for you.

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CW IRA Savings
Effective Date: Tuesday, October 1, 2024
Average Daily BalanceAPYAPRMinimum balance to openMin. balance to earn dividendsDividends earned eachDividends paid at end of eachNo penalty withdrawal periodWithdrawal penalty on amount
$0 and up 4.50% 4.410% $2,000.00 $1.00 Day Month Any time None

Benefits

Traditional IRA Benefits

  • Earnings are tax-deferred 

  • Take penalty-free early distributions for education or a first-time home purchase (you must still pay taxes on the money you withdraw) 

  • Continue making tax-deferred deposits until age 73 

  • Penalty-free withdrawals can begin as early as age 59½ 

  • Contribute up to $6,500 of earned income per year. If you are age 50 or older, contribute up to $7,500 of earned income per year. 

Roth IRA Benefits

  • Tax-free earnings if you meet certain conditions 

  • Contribute up to $6,500 of earned income per year. If you are age 50 or older, contribute up to $7,500 of earned income per year. 

  • Withdraw the entire amount tax-free after five years if: 

  • You are 59½ or older, or 

  • You are a first-time home buyer, or 

  • You are disabled, or 

  • You are a beneficiary of the deceased owner. 

IRA Certificates

  • Can be for either Roth or Traditional IRA account types and have the same restrictions.

  • Dividends can be transferred to an existing IRA Savings account or added to the certificate.

  • Rates match our existing non-IRA certificate rates.

  • Upon maturity IRA certificates will be transferred into an IRA Savings account unless arrangements are made to roll the certificate into a new certificate type.

Retirement Calculator

We want to help you reach your goals! Please use our calculator to assist you in your decisions.

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Prefer to schedule an appointment to get your answers? Please select an appointment option from our scheduler below.

 

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