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 — including 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. Start saving for your retirement today — because the sooner you start, the more comfortable it will be.
- Tax-advantaged* retirement savings
- Traditional and Roth IRA options available
- Competitive interest rates
- No setup or maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 “catch-up” contribution allowed for ages 50+
- Easy rollovers from other financial institutions
- Keep IRA funds in savings account or CDs to retain FDIC/DIF insurance
- No minimum deposit to open
*Consult a tax advisor.
Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which 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.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.