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IRAs

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Planning for your future is safe, simple, and convenient with Paragon’s IRA options. Our personal service is central to the solutions we provide for growing and safeguarding your retirement assets.

  • Save for the future without the risk of market fluctuations
  • Traditional and Roth IRA options available for rollovers or transfers
  • Terms of 3 to 60 months at fixed rates
  • Separately insured from your other Paragon deposit accounts for up to $250,000 per depositor by the FDIC. Additional FDIC coverage is available.  Speak to a relationship banker or visit fdic.gov for more details.
  • Consult with your accountant to discuss the potential tax advantages

Contact us to learn more about the retirement account that will meet your goals for the future.

New IRS Rules Beginning 2015
For decades the IRS stated that you could rollover one IRA distribution per 12-month period for each IRA you own. Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any one-year period regardless of the number of IRAs you own.

However, you can continue to make unlimited trustee-to-trustee transfers between IRAs because it is not considered a rollover. Furthermore, you can also make as many rollovers from a Traditional IRA to a Roth IRA (also known as ‘conversions’).

IRS Publication 590-A and 590-B
Information on IRAs was previously provided by the IRS in Publication 590. This document was updated in January 2015, and has now been split into two parts: 590-A, which covers contributions to traditional IRAs and Roth IRAs, as well as rules for rollover and conversion contributions, and 590-B, which covers distributions from traditional IRAs and Roth IRAs, as well as rules for required minimum distributions and IRA beneficiaries.

These documents may change from time to time, and if you would like to review current or future versions, please visit the IRS website at http://www.irs.gov and in the search box enter ‘Publication 590.’

As an added convenience, you can pick up a printed version from your relationship banker or call (757) 686-7199 and we will be happy to mail you a copy.