• Dividends are tax-deferred until distribution. No penalties on withdrawals if taxpayer is: 1) Age 59 ½, 2) Buying a first home ($10,000 lifetime maximum), 3) Paying for college expenses or 4) Disabled or deceased. Withdrawals of contributions and earnings are subject to a 10% penalty unless taxpayer is covered under one of the aforementioned circumstances.
• Contributions can be made at any time until April 15th of the following year.
• The deductibility of your contribution varies depending on your Modified Adjusted Gross Income (MAGI) and whether you have a retirement plan at work.
• Withdrawals must begin at age 70 ½.

• Dividends are tax free upon distribution
• Contributions cannot be tax deductions
• Contributions may be withdrawn tax-free at any time. Earnings may be withdrawn tax-free if account has been open 5 years and taxpayer is: 1) Age 59 ½, 2) Buying a first home ($10,000 lifetime maximum) or 3) Disabled or deceased. Withdrawals of earnings are subject to a 10% penalty unless taxpayer is covered under one of the aforementioned circumstances. Withdrawals of earnings for college expenses will be subject to taxes but not penalties.
• Contributions from conversion IRAs must remain on deposit for 5 years to avoid withdrawal penalty.
• Contributions can be made at any time until April 15th of the following year

This IRA is perfect for individuals that find it easier to make a number of smaller contributions over a longer period of time. The IRA Accumulator can be classified as Traditional or Roth. Once it is classified, you will be able to enjoy all the features and restrictions of that particular type of IRA.

This Educational IRA is ideal for those individuals looking to save for the educational costs of a named beneficiary.

• Open an account with as little as $500
• Available terms: 3 months to 60 months
• Tiered dividend levels and rates
• Distributions are generally tax free if used for these types of expenses:
  • Expenses incurred in connection with the enrollment or attendance of the beneficiary at a public, private or religious elementary or secondary school
  • Post-secondary tuition, fees, textbooks, supplies and equipment
  • Post-secondary room and board expense – only if the beneficiary is enrolled on at least a half-time basis at an eligible institution
  • Contributions can be made at any time during a calendar year
  • Contribute up to $2,000 annually for each beneficiary up to their age 18.

*Fees may reduce earnings. Distributions prior to age 59 ½ are subject to a 10% IRS early withdrawal penalty unless:

• Distribution is made due to account holder’s death
• Distribution is made to an account holder who has become permanently and totally disabled
• Distribution is made as a part of a series of substantially equal periodic payments
• Used to pay medical expenses in excess of 7.5% of account holder’s adjusted gross income
• Used to pay health insurance premiums for participants unemployed for 12 or more weeks
• Used for the first-time purchase of a home (up to $10,000)
• Used to pay for qualified higher education expenses