IRAs
IRAs are one of the best ways to save for retirement and meet your
long-term financial goals. Whether you're looking for ways of
saving for that first home, or simply growing your retirement
nest egg, Mercantil Commercebank's IRAs may be just what you need to get
you started on the right track.
Traditional
IRA
With a Mercantil Commercebank Traditional IRA, saving on your taxes and building
greater retirement income just became easier. To find out if you
qualify for this type of IRA, consult with your accountant or tax
advisor for specific guidance on the new laws. Income limitations
apply.
- Annual Contribution $5,000
- Deductible deposits of $5,000 per qualified individual or
spouse
- Earnings are tax-deferred until withdrawn
- Penalty-free withdrawals on principal amount
up to $10,000 for first-time home purchases
- Additional $1,000 allowable contribution per year, for individuals
50 years of age or older
Account
Information and Fees
Roth
IRA
With TAX-FREE qualified earnings after a 5 year holding period,
the Roth IRA might be what you're looking for if you can't deduct
your IRA contributions. Although contributions are not tax-deductible,
your earnings can grow tax-free helping you build greater income
for the future. Income limitations apply.
- Annual contribution $5,000
- Non-deductible deposits of $5,000 per spouse
- Earnings are tax free if certain conditions are met
- Penalty-free withdrawals on principal amount
up to $10,000 for first-time home purchases
- Additional $1,000 allowable contribution per year, for individuals
50 years of age or older
Account Information and Fees
Rolling
Over Other IRAs
Mercantil Commercebank makes in easy to roll over your existing IRA. All
that's required is that you redeem your existing retirement fund
(ie. 401K, pension plan, retirement account, etc.) and request
the funds be payable to Mercantil Commercebank. We'll take care of the rest.
| This is provided
for your information and does not constitute tax advice.
IRAs have income limitations and other tax qualifications.
Please consult with your accountant or tax advisor for specific
guidance. |
To learn more about our educational CESA,
click here.
Rev.: November, 2009 | Back
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