Individual Retirement Accounts (IRAs)

We all have our own unique version of "the good life." The common ground is that an IRA from Lee Bank can help you get there. These tax-advantaged accounts—we offer traditional and Roth IRAs—help you save more in less time.

We never charge a setup fee and there's no minimum deposit to open. Because the sooner you start, the more comfortable your retirement can be.

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Summary

Tax-advantaged retirement savings
Competitive interest rates
No setup or maintenance fees
Easy rollovers from other financial institutions
Annual contribution limits set by IRS
No minimum deposit to open
Keep IRA funds in savings account or CDs to retain FDIC insurance

Traditional vs. Roth

Depending on your income and your desire for immediate tax relief, either a traditional or Roth IRA could present a better option for you. Key features are outlined below.

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Principal contributions can be withdrawn without penalty***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

*Consult with a tax advisor

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

***Subject to some minimal conditions.