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IRA and Educational Savings

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IRA and Educational Savings

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

Gain tax advantages today while saving for a comfortable tomorrow so you can spend your golden years enjoying life and not worrying about 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 IRA

Traditional IRAs are potentially tax-deferred retirement plans; you don’t pay taxes on your contributions until you withdraw the funds.


  • No age limit on making contribution as long as you have earned income
  • 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  • Contributions and earnings will grow tax-deferred until withdrawn
  • Penalty-free withdrawals when the IRA owner is over 59 ½, deceased, disabled, child birth/adoption or purchasing a first home
  • Catch up contribution for age 50 and older
  • Required Minimum Distribution (RMD) begins at age 73

Traditional IRA Application Form

Traditional IRA Withdrawal Form

Roth IRA


  • 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  • Contributions can be withdrawn tax-free at any age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, child birth/adoption or purchasing a first home

Roth IRA Application Form

Roth IRA Withdrawal Form

Educational Savings Account (CESA)

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

Effective Strategies for Saving

The following recommendations are designed to help you establish and or grow your personal savings.

  • Pay Yourself First. When you pay your monthly bills, write a check to yourself, first and put it in your savings account.
  • Don’t Borrow Additional Money to Pay off Debts or Bills
  • Cut Expenses. Get this number by analyzing your budget and determining where reductions can be made (e.g., eating out, buying snacks and lunch at work, going to the movies, etc.). Once you have determined how much you plan to cut, use this “found” money to pay down the balances on your debts
  • Optimize Your Monthly Payment. Pay the maximum amount towards your highest interest rate debts. Pay the minimum amount on all other debts.
  • Ask for Reduced Interest Rates. Some creditors, especially credit card companies, will reduce your interest rates if you just call and ask. If you receive offers for other credits cards with lower interest rates in the mail, use those offers as leverage when you are renegotiating your rates with your current creditors.
  • Set Goals and Priorities. Determine what’s important. When you prepare to buy something ask yourself if this purchase is in line with the priorities you have set and will it help you reach your goal or delay it.

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