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Individual Retirement Accounts
INDIVIDUAL RETIREMENT ACCOUNTS
Must be under the age of 70 1/2 and
within qualifying earned income level. Contribute up to $3,000 in
2002 ($4,000 if you are 50+). Contributions may be tax-deductible*.
Yes, it is possible to avoid paying
taxes on your investment gains. Roth IRA contributions are not
tax-deductible but earnings grow tax-free. The principal is not
taxed when you take distributions*. No age qualifications.
Contribute up to $3,000 in 2002 ($4,000 if you are 50+).
Coverdell Educational Savings Accounts (formerly
known as Education IRA)
Can be established by anyone, for any
child under age 18. Up to $2,000 can be contributed each year.
Withdrawals may be taken tax-free for qualified educational
An IRA with tax advantages for both
employees and employers in small businesses. Employee contributions
are tax-deferred, matching employer contributions are
tax-deductible*. Higher contribution limits may be available.
* Consult your tax advisor.
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