Individual Retirement Accounts (IRAs)
Build Or Add To Your Retirement Nest Egg
Individual retirement accounts (IRAs) are one of the most viable answers to the question of how to assure a secure retirement. Diamond offers Traditional and Roth IRAs.
Traditional IRA
Traditional IRAs allow tax-deductible contributions and the amount in your IRA can grow tax-free. Your contributions and gains are taxed when distributed. Anyone under age 70 who has earned income, or is filing jointly with a spouse who has earned income, may contribute.
Roth IRA
Roth IRA contributions are not tax-deductible, however, all withdrawals, including earnings, are generally tax-free if the account has been open for at least five years and the account holder is 59½ or older. You can also use your contribution (but not your earnings) anytime, tax-free, and with no penalty.
Contribution Limits
For either a Traditional IRA or Roth IRA, your contribution limit is $6,000 per year or $7,000 if you’re age 50 or older by the end of the year.
What You Should Know About IRAs:
- Share Certificates and Money Market IRAs available.
- Earn a market-leading interest rate.
- Tax-deferred; no risk to your principal.
- Your funds are federally insured up to $250,000.
- Choose the IRA investment option(s) that suit your needs.
- Use the IRA Accumulation Account to accumulate deposits. Invest in an IRA Certificate or Money Market account at a better rate when you’ve reached your desired amount.