Port Washington State Bank is ready to help you plan your retirement. We have several options that you may select:

• Traditional
• Roth
• Educational (Coverdell Education) Savings Account

Attractive Features of PWSB IRA's

• FDIC Insured
• Competitive Interest Rates
• No Annual Administration or Maintenance Fee
• Automatic Renewal Option
• Interest Compounded Quarterly
• After age 59 ½ you have the option to increase the interest rate on your IRA once every 12 months

• Must have earned income and have not reached age 70 ½ by the end of the year
• Annual Contribution Limit
• Year 2002 - 2004 $3,000
• Year 2005 - 2007 $4,000
• Year 2008 $5,000
• After Year 2008 Increased annually for inflation in $500 increments
• Annual limit applies to any combination of IRA plans other than the Education Savings Account
• Contributions are fully tax deductible if you are not an active participant in an employer retirement plan
  • Investments grow on a tax-deferred basis
  • Earnings are taxed only upon withdrawal
  • Required distributions after age 70 ½

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• Must have earned income
• No age restriction
• Annual Contribution Limit
• Year 2002 - 2004 $3,000
• Year 2005 - 2007 $4,000
• Year 2008 $5,000
• After Year 2008 Increased annually for inflation in $500 increments
• Annual limit applies to any combination of IRA plans other than Educational Savings Account
• Contributions not tax deductible
• Contributions are not taxed; earnings grow tax-free
• Tax-free withdrawals
• No required distribution after reaching age 70 ½

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• Designed beneficiary must be an individual under the age of 18
• The age 18 limitation does not apply to any designated beneficiary with special needs
• Annual Contribution Limits
  • Year 2002 & After - $2,000 per beneficiary
• Earnings grow tax-free
• No tax deduction for contributions

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