| |
| A traditional Individual Retirement Account (IRA) lets you save for a comfortable retirement and contributions to your IRA may be tax deductible* now. IRAs offer security and flexible investment options. BB&T offers a variety of investment choices for your IRA. Speak with your Relationship Banker at your local branch to learn more about planning for a secure retirement with a Traditional IRA. |
|
| |
|
| Traditional IRA Eligibility |
| Who is Eligible |
- Individuals under the age of 70½ with earned income
- Non-compensated spouses of individuals with earned income filing joint tax returns
|
| Eligible Income** |
- Wages
- Salaries
- Tips
- Professional fees
- Bonuses
- Taxable alimony
- Commissions received as a percentage of profits or sales price
- Self employment income from a sole proprietorship
- Partnership income for which services have been provided
|
| Ineligible Income** |
- Income from rental property
- Interest income
- Dividend income
- Pension or retirement income
- Annuity income
- Deferred compensation
- Foreign earned income
- Any income not included in gross for federal taxes
|
| Contributions and Withdrawals |
| Contribution Limits |
- For 2008, individuals younger than 50 may contribute $5,000 per year or 100 percent
of eligible compensation, whichever is less
- For 2008, individuals age 50-70 (not to include the 70½ year)
may contribute $6,000 or 100 percent of eligible compensation, whichever is less
|
| Tax Deduction |
Contributions may not be tax deductible* |
| Additional Deposits |
See Investment Options detail |
| Withdrawals |
- All withdrawals are allowed without IRS penalty if the owner is over 59½, deceased, or disabled
|
| Investment Options |
| Money Rate Savings |
- Interest-bearing deposit account
- No maturity date
- Interest rate is based on market conditions and competitive factors
- $100 minimum opening deposit
- Additional deposits (annual limit contributions, rollovers, and transfers) are allowed at any time (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the additional deposit.)
|
| 18-Month Variable CD |
- 18-month Certificate of Deposit
- Additional deposits (annual limit contributions, rollovers, and transfers) are allowed at any time (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the additional deposit.)
- The CD automatically renews
- $500 minimum opening deposit
|
| Fixed Rate CD |
- Certificate of Deposit with the rate fixed for the term
- Terms available from 30 days to 60 month
- Additional contributions, up to the annual contribution limit, are allowed at any time (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the additional deposit.)
- Rollovers and transfers may be made at any time into a new time deposit under the same IRA plan
- $500 minimum opening deposit
|
| Monthly Saver IRA |
- Certificates of Deposit with terms from 30 days to 60 months
- Requires an automatic draft from a BB&T checking or savings account
- Drafts are for current year only and are subject to IRS contribution limits (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the original deposit.)
- $100 minimum opening deposit
|
* Consult your tax advisor for details
** Federal regulations limit which sources of income may be used to fund Traditional IRAs
|
| |
|
| Apply for a traditional Individual Retirement Account (IRA) |
| Apply for a traditional IRA in person when you visit your local branch. |
| |
| Send us an Email |
| Feel free to contact us by email |
|
|
