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Take advantage of tax-deferred earnings and the possibility of a full or partial tax deduction with an Amalgamated Bank Individual Retirement Account (IRA). A small minimum deposit is required, and maturities range from 12, 18, 24, 30, to 36 months. Earn a fixed market rate on deposits, with interest paid quarterly. Withdrawals prior to maturity are subject to substantial early withdrawal penalties.
The Roth IRA was created by the Taxpayer Relief Act of 1997. While contributions to a Roth IRA are not tax deductible, earnings grow tax free. Earnings can be withdrawn tax free after five years if the account holder is at least 59 1/2 years old, disabled, or in the case of death. Tax free withdrawals up to $10,000 can be made by qualified first-time home buyers. Unlike the traditional IRA, distributions are not required at age 70 1/2, and those with earned income can continue to make contributions after age 70 1/2.
For more information on Personal Banking products or services, please contact us online or call 312-822-3015 or 312-822-8522.