Individual Retirement Accounts (IRA) and
Education Savings Account (CESA)

With an IRA you can gain tax advantages today while saving for a comfortable tomorrow so you can spend your golden years enjoying life, not worrying how to pay for it. IRA funds are federally insured separately by NCUA up to $250,000.

For specific information regarding IRA rules and regulations and how they may apply to your individual circumstances you are encouraged to consult your tax or legal professional. Riverfront cannot offer tax or legal advice.

Traditional IRAs are potentially tax-deferred retirement plans; you don’t pay taxes on your contributions until you withdraw the funds. Contributions can be made as long as you have earned income and are below the age of 70 ½.

• No income limits to make contributions
• No minimum contribution in any year
• Contributions may be 100% tax deductible – consult a tax advisor
• Contributions and earnings will grow tax-deferred until withdrawn
• Add to your Traditional IRA from earned income until you turn 70 ½, when you are required to start taking money out of your account
• Penalty-free withdrawals when the IRA owner is over 59 ½, deceased, disabled, or purchasing a first home
• Catch up contribution for age 50 and older

Traditional IRA Application

• Income limits to make contributions
• No age limit on making contributions as long as you have earned income
• No mandatory distribution age
• Contributions are not tax deductible
• Contributions can be withdrawn tax-free at any age
• Catch up contribution for age 50 and older
• Withdrawals on earnings are qualified as tax and penalty free if taken after a five year waiting period has passed and the IRA owner is over 59 ½, deceased, disabled, or purchasing a first home

Roth IRA Application

An Education Savings Account, also known as Coverdell Education Savings Account (CESA) is a custodial account designed to help families save money to pay for a child’s education expenses from kindergarten through college. Anyone can make non-deductible contributions to an Education Savings Account for a student under 18.

• No setup fee
• No annual fee
• Dividends grow tax-free
• Withdrawals are tax-free when used for qualified education expenses such as tuition and fees, books and supplies
• Contribute up to $2,000 per year for each child under 18
• To contribute to an Education Savings Account, certain income limits apply – consult a tax advisor
• Contributions are not tax deductible

Education Savings Account Application

Education Savings Account Withdrawal Form