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Individual Retirement Accounts (IRAs)

IRAs are a great way to ensure that you retire with confidence. In order to live the lifestyles we all dream about, you should start planning today.

CPM knows the importance of early planning. We offer several options to meet your financial needs.

New federal regulations effective January 2015.
As of January 1, 2015 only one IRA rollover from another IRA is permitted in a 12-month period, per individual, regardless of the number of IRAs you own. To learn more, please visit the IRS website.

*Early withdrawal penalties may apply. Membership rules and restrictions apply. Maximum account balance $250,000.00. **APY - Annual Percentage Yield

IRA Programs (Last Modified: Jan 13, 2016)

ProgramDescriptionWho Can ContributeContribution limits
Kickstart IRA**An IRA account that offers smaller minimum opening requirements and deposit options for more flexibility and higher earning potential.Contributions are based
on account type (Traditional or Roth)
$100 to open
12 month maximum term
Maximum balance amount $250,000.00
Direct deposit allowed
Traditional IRA*A tax-deferred retirement savings program, with possible tax deductions.Individuals younger than
70 1/2 years with earned income.
Individual - $5,000

$1,000 catch-up contribution for those 50 years and older
Roth IRA*A non-deductible retirement arrangement featuring tax-free withdrawals on your earnings after five years and when you reach 59 1/2 years or experience a qualifying event.Individuals, any age, with annual, earned income.
Married couples filing a joint tax return can only make a partial contribution if their income is between $166,000 and $176,000. Singles can only make a partial contribution if their income is between $105,000 and $120,000.
Individual - $5,000

$1,000 catch-up contribution for those 50 years and older
Coverdell Education IRA*A tax-deferred investment account created for paying education expenses on behalf of a beneficiary (up to the age of 18).Anyone can contribute. Individuals must earn less than $95,000 if filing single, and joint taxpayers must earn less than $190,000 to make a contribution.
The phase out range for married couples filing a joint return is $190,000-$220,000 (partial contribution only). The phase out range for singles is $95,000-$110,000 (partial contribution only).
$2,000 per year per beneficiary

*Early withdrawal penalties may apply.
**Kickstart IRA needs a minimum of $100.00 to open with a max of $250,000.00. Subsequent deposits allowed.