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About Eaton Federal
Individual Retirement Accounts (IRAs)
One of the greatest challenges Americans face today is assuring their financial security in retirement. With the uncertainty of Social Security, the reduction in employer sponsored defined benefit plans and rising health care costs, Americans will be forced to rely more heavily than ever on their own resources to support their retirement lifestyle. IRAs are a great way to plan for your retirement and Eaton Federal Savings Bank is ready with the right IRA choices to help you meet your retirement goals.
  • Eligible to receive roll-over contributions from other qualified plans such as employer sponsored 401Ks.
  • All of our Certificates of Deposit plus our Statement Savings Account are eligible for inclusion in an IRA plan. All of the rates, features and conditions of those accounts remain the same when included in an IRA plan.
  • FDIC insured. Retirement accounts are now insured up to $250,000
  • No administration fees
  • Early withdrawal penalties on CD’s waived for certain IRA distributions
 
The Roth IRA - Options to Meet Your IRA Objectives
Our most popular IRA option, the Roth IRA gives you the ability to invest your after-tax dollars today, let the investment grow tax-deferred or even tax free if certain requirements are met, and take qualifying withdrawals tax free. These features result in the most tax advantages for many people. And unlike the Traditional IRA, there is no 70½ age limit on making contributions; you simply need to have earned income equal to the amount you contribute up to a maximum ($5,000 for 2007 & 2008 or $6,000 if over age 50).
 
Traditional IRAs – The Retirement Plan for Everyone
In a traditional IRA, qualifying contributions up to a maximum ($5,000 for 2007 & 2008 or $6,000 if over age 50) are tax deductible and earnings are taxed deferred until withdrawn. Therefore, these accounts will generate enhanced earnings over the life of a plan when compared to fully taxable accounts outside a plan (and a Roth IRA may be even more beneficial).
 
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