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More questions about Provident IRAs?
Just call 1-800-448-PROV (1-800-448-7768)
to reach a representative for more information.
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Provident CDs & IRAs
| Certificates of Deposit
| Individual Retirement Accounts
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Individual Retirement Accounts
Start planning today for the
lifestyle you deserve tomorrow
Ensure your future financial independence with an
Individual Retirement Account from
The Provident Bank.
This page is designed to answer some of your
questions about the different types of Individual
Retirement Accounts and investment options available
for your IRA at The Provident Bank. Of course, you
should consult your own tax or legal advisor for
answers to specific questions about your tax status,
income requirements, and future financial goals.
Traditional IRA
Are you under age 70 & 1/2, with earned income?
If so, your contributions to a Traditional
IRA may be tax-deductible, depending on participation
in an employer-sponsored retirement plan and income
level. (Consult your tax advisor or reference Publication
590 at www.IRS.gov
to see if you qualify.)
Potential earnings are tax-deferred until you make
withdrawals from the account. You can begin
withdrawing funds from your IRA without the 10% IRS
premature-distribution penalty any time after you
reach age 59 & 1/2. You must begin to
take your minimum required distributions when you
reach age 70 & 1/2. Withdrawals of tax-deductible
contributions and earnings are taxed at current income
tax rates.
IMPORTANT CHANGES EFFECTIVE 2008
Increased Contribution and Deduction Limit. Generally,
the most that can be contributed to your Traditional IRA is the
smaller of the following amounts:
- Your taxable compensation that you must include in income for the year, or
- $5,000
If you are 50 years of age or older in 2008, the most that can
be contributed to your Traditional IRA is the smaller of the
following amounts:
- Your taxable compensation that you must include in
income for the year, or
- $6,000 (up from $5,000).
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Roth IRA
Dont qualify for a Traditional IRA or looking for
different tax advantages? Regardless of your
age, you may be able to establish and make
non-deductible contributions to a Roth IRA if you
meet certain Adjusted Gross Income limits. (Consult
your tax advisor or reference Publication 590 at www.IRS.gov
to see if you qualify.)
Unlike a Traditional IRA, you do not report
Roth IRA contributions on your tax return.
However, this type of account offers a potentially
greater tax advantage: when you begin withdrawing
funds at retirement, earnings on the account are tax-free.
In addition, contributions can be made to your Roth
IRA after you reach age 70 & 1/2, and there are no mandatory
withdrawals at any age.
IMPORTANT CHANGES EFFECTIVE 2008
Increased Contribution
Limit. If contributions on your behalf
are made only to Roth IRAs, your contribution limit is generally
the lesser of:
- $5,000, or
- Your taxable compensation.
If you are 50 years
of age or older in 2008 and contributions
on your behalf are made only to Roth IRAs, your contribution
limit is generally the lesser of:
- $6,000 (up from $5,000), or
- Your taxable compensation.
However, if your modified Adjusted Gross Income is above a certain amount, your
contribution limit may be reduced. Please consult your tax advisor for details.
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Rollover IRA
Are you changing jobs or retiring?
Avoid immediate taxes and penalties with a Provident
Rollover IRA
A Rollover IRA allows you to directly transfer all
or part of your pension or retirement funds from one
eligible plan to another. At The Provident Bank, we
make it easy to roll over your current retirement
account to one of our Hassle-free IRA Solutions.
Simply stop by any branch and speak with a Wealth
Management advisor.
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IRA Investment Solutions
Consider these FDIC-insured
IRA Solutions for your 2007 contribution
After deciding which IRA is best for you, the next step
is to choose an investment product. At The Provident
Bank, a variety of FDIC-insured deposit accounts are
available for your IRA funds. Choose the liquidity of a
Provident IRA Statement Savings or lock in a competitive
interest rate for 6 months to 10 years with an IRA
Certificate of Deposit.
Here's a quick look at the features and benefits
of our FDIC-Insured IRA options:
NOTE: Please refer to our
Fee Schedule
for further details.
Other IRA options through Provident Investment Services, Inc.*
If you are interested in funding your IRA with non-federally insured
securities or mutual funds but are unsure about how or when to invest
in the market, our experienced financial advisors and administrators at
Provident Investment Services, Inc. can help.* The Provident Bank has
partnered with PrimeVest Financial Services, Inc.* to offer a full range of
discount and online brokerage services. For more information, contact
an investment advisor at 1-800-654-9454.
*Provident Investment Services Inc. is a wholly owned subsidiary of The Provident Bank.
A marketing agreement with PrimeVest Financial Services Inc. as the Broker Dealer and Member
of the NASD, SEC and MSRB allows a Provident Investment Services/ PrimeVest Financial
Services Representative to make available a wide variety of Products and Services. All security
products are offered through PrimeVest Financial Services Inc., a registered broker/dealer not
affiliated with this financial institution. PrimeVest is a member of the NASD, SIPC, MSRB.
Products offered by PrimeVest Financial Services are NOT FDIC INSURED, NOT GUARANTEED
BY THE BANK, AND MAY LOSE VALUE.
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A
great idea for 2007:
Maximize IRA earnings
with "dollar cost averaging"
One of the simplest ways to take the guesswork
out of investing is to use a strategy called
"dollar cost averaging." This involves making
equal dollar purchases of a mutual fund on a
regular basis. By investing a set amount
periodically, you will buy fewer shares when
prices are high and more shares when prices
are low. The net result is that your average
cost ends up being below the average price
for the investment period. Dollar cost averaging
also gets you in the habit of investing regularly
the most important step toward ensuring a
comfortable retirement.
No matter which type of investment you
choose, an easy way to make sure youre
saving enough for retirement is to set up regular
electronic transfers of a pre-determined amount
of money from your Provident checking or
savings account to your IRA. Unlike many
banks and investment firms, there is NO FEE
for Auto-Debit service at The Provident Bank.
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Make The Provident Bank your
retirement planning headquarters
Its easy to open, fund, or roll over an
Individual Retirement Account at The
Provident Bank. Just visit any branch, fill
out an application, designate a beneficiary,
and make your deposit. If you are unsure of
which type of IRA or investment product is
most appropriate for you, one of our Wealth
Management advisors will be happy to help.
More questions about Provident IRAs?
Just call 1-800-448-PROV (1-800-448-7768)
to reach a representative for more information.
Early withdrawls from an IRA prior to age 59 & 1/2 may result in a federal penalty. Interest penalties apply for early withdrawl. Refer to our Accounts and Services Fee brochure or ask a representative for details.
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