IRAs

Individual Retirement Accounts (IRAs) are one of the most popular retirement savings programs. Progress Bank offers both Traditional and Roth IRAs to help you achieve your retirement savings goals. 

Traditional IRA:

  • Tax deductible contributions (consult your tax advisor for details)
  • Taxes are paid on earnings when withdrawn from the IRA
  • Available to everyone; no income restrictions
  • Funds withdrawn before age 59 ½ are subject to a 10% IRS penalty (subject to exception) and may be subject to a bank early withdrawal penalty

Roth IRA:

  • Contributions are not tax deductible (consult your tax advisor for details)
  • All earnings and principal are 100% tax-free if rules and regulations are followed
  • No mandatory distribution age

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