If you’re interested in saving money for retirement, you may want to consider a Turnberry Bank Individual Retirement Account (IRA). IRAs are designed to help you save for retirement through special tax benefits. Once the account is open, you’re money can immediately begin working for you and earning you interest through a variety of FDIC insured products, such as certificates of deposit.
Traditional and Roth IRAs
We offer both Traditional IRAs and Roth IRAs. With Traditional IRAs, contributions are generally tax deductible and earnings grow tax-deferred. Conversely, with the Roth IRA, contributions are made on an after tax basis and earnings grow tax-free. Additionally, with a Roth IRA, withdrawals are free from Federal taxes after age 59 ½, provided that you have held the account for at least 5 years. Eligibility for the Roth IRA depends on income, unlike the Traditional IRA. Check with your tax professional to determine which account is right for you.
Contribution Limits:
| Tax Year | Under age 50 | Age 50 or older |
| 2008 | $5,000 | $6,000 |
| 2009 | $5,000 + inflation | $6,000 + inflation |
Contribution Deadline
You can make annual contributions to a Traditional or Roth IRA from January 1st through the tax-filing deadline (excluding extensions) for the year, generally April 15. For example, if your tax filing deadline is April 15, 2009, this is your deadline to make a 2008 contribution to your IRA.
