About GSL Savings Bank- Community Bank

If you’re fortunate enough to be thinking about retirement, and if those plans include relaxation, hobbies and/or traveling, we offer both Roth IRAs and Traditional IRAs.

Traditional IRA

Be rewarded later for thinking now about your future.
Fully tax deductible if customer or spouse is not covered by another retirement plan (if IRS qualifications are met)
Interest earned is tax deferred
Annual deposit can be an amount up to the individual’s permissible limit (not to exceed $5,000 per person, or $6,000 if age 50 plus)
Consult tax advisors regarding deductibility

Roth IRA

An effective way to start saving for retirement, right now.

Funded with after-tax contributions
Tax benefits deferred until disbursements begin
$50 minimum to open a savings IRA
$500 minimum to open a fixed or variable CD IRA
Earnings on contributions accumulate tax free (if IRS qualifications are met)
Individuals may continue to make contributions beyond age 70 if they have earned income
Consult tax advisors regarding deductibility

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