Individual Retirement Accounts (IRAs)

You work hard every day — we believe that your hard-won earnings should too. Much more than a rainy day fund, an IRA from Golden Pacific Bank is a safeguard that works hard to ensure a comfortable retirement.

Enjoy peace-of-mind with competitive interest that compounds over time — year after year. With two options that both offer significant tax benefits,* you simply can’t go wrong. It doesn't matter if you're unemployed, self-employed, or rapidly approaching retirement age — we can customize the perfect plan for you!

Summary
  • Save for retirement with tax advantages*
  • Earn competitive interest higher than regular savings
  • Pays monthly dividends
  • Available in Traditional and Roth
  • Annual contribution limits apply
  • $1,000 annual “catch up” contributions allowed for ages 50 and better
  • No setup fees and low maintenance fees
  • $100 minimum periodic deposits
  • Early withdrawals subject to penalty**
  • FDIC insured
  • $100 minimum deposit to open
Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • Tax-deferred earnings
  • Contributions may be tax deductible
  • Best option when rolling over your pension or 401(k)

Roth IRA

  • Contributions are not tax deductible
  • Tax-free earnings
  • Tax-free qualified withdrawals
  • More flexible access to funds than traditional IRA
Coverdell ESA

Higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

  • Set aside funds for your child's education
  • Dividends grow tax-free*
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30
  • The ESA may be transferred without penalty to another member of the family

*Consult a tax advisor.

**Penalty for early withdrawal is 6 months interest on the amount withdrawn. IRA accounts may start being withdrawn at age 59½ and must start being withdrawn by the age of 70½. You may make maximum deposits of $6000; plus cost of living adjustment.

Build the retirement you've always dreamt about!