Retirement Accounts

Retirement Accounts

No matter what your favorite fruit is, you can't get any without planting a seed. Same goes for retirement. Whether you want to travel, take up boating, or just plain relax—you need to plant a seed ahead of time.

Come open a tax-saving individual retirement account (IRA) with Pioneer. We make it easy to get started, because the sooner you do, the sooner you can enjoy the fruits of your labor.

Summary
  • Tax-advantaged retirement savings
  • Competitive dividends greater than regular savings
  • Easy rollovers from other plans
  • No setup or maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $1,000 minimum deposit to open a certificate
  • $500 minimum balance to earn dividends in a retirement savings account
  • Federally insured by NCUA

Check out our current rates.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is when you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Adjusted gross income must be less than $122,000 to contribute ($179,000 for joint filers)***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***As of 2011; IRS may change figure annually.