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Individual Retirement Accounts (IRAs)

Plan your retirement today!

Here at Gateway Bank we offer different types of retirement accounts so you can plan for your retirement today. Gateway Bank IRAs are FDIC insured up to the maximum amount allowable by law.

Types of accounts:

  • Traditional IRAs
  • Roth IRAs

Minimum opening balance:
$10,000

Terms:
All of our IRAs are FDIC insured with our 12-months Certificate of Deposits account

Rates, Early withdrawal penalty and other restrictions:
Please contact our branch representative for more information, including current interest rate, fees and restrictions for our Individual Retirement Account

Individual Retirement Accounts

IRA’s were specifically designed to help individuals save for retirement, giving investors more flexibility to set aside money for retirement. An IRA offers a unique and flexible way to save for life when you are no longer earning the money you did in your career. This page has basic information about IRA’s, but we encourage you to visit Gateway Bank and speak with a professional so you can weigh all your options.

Benefits you can expect

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They’re easy

IRAs are easy to set up
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Tax breaks

IRA’s offer unique tax breaks
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Deferred savings

Tax breaks when you retire
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You own it

Unlike 401K’s, you own it

Why choose an IRA?

Most people make contributions to a 401K, but that’s not your only option for retirement. Especially for those who are self-employed, an IRA can be a big advantage for life after your career.

IRA’s are easy to set up
If you earn a taxable income, come see us and we’ll do all the work. There is no age limit, but your ability to contribute will depend on how much you report to the IRS. You can manage your investments on your own or you can choose to work with an investment professional.

Get unique tax breaks
With traditional IRA’s, you’re not required to start taking distributions until you’re 72, and you don’t have to pay taxes on your untaxed earnings while you contribute.

Deferred savings
A Roth IRA provides tax-free distributions while in retirement. Defer your taxes or get them out of the way, the flexibility is all yours.

Take charge of your retirement
With a 401K, you’re part of a larger investment group, and your employer can change plans without your permission. If you leave your job, you lose the ability to continue making contributions to that account. With an IRA, you have more choices on how to invest your money, even if you switch jobs. In fact, you can even roll over your 401K into your IRA.

Frequently asked questions

Individual Retirement Account – IRA’s were specifically set up to help individuals take more control over their retirement.

Both types of accounts were made for retirement, and the one you choose depends on both your current financial situation and your financial goals. For example, a Roth IRA allows you to make after-tax contributions. There are no penalties for withdrawal after 5 years and age 59½. With a traditional IRA, your taxes may be deferred so it makes it more affordable to contribute for individuals who expect to be in a lower tax bracket when it comes time to withdraw. We encourage you to give us a call to learn all the details.

Make an appointment with a representative at Gateway Bank and we’ll help you choose the right retirement account. If an IRA is right for you, we’ll discuss the benefits of a traditional IRA and a Roth IRA.

Join us today

At Gateway Bank, you’re treated like family. Whether you are looking for reliable banking options for yourself or your business, financing for your home, or IRA and CD accounts, stop by or give us a call. We’ll be delighted to serve you.

(510) 268-8108 Contact Us