Prepare for retirement with a Florida IRA savings account at Seacoast Bank. Enjoy tax advantages and interest-earning funds with our FDIC-insured IRAs. Tailored to meet your long-term goals, our IRAs can supplement employer-sponsored plans or offer additional investment options.
IRA Account Features
A Florida IRA savings account offers many benefits, including:
Interest-earning potential: Grow your savings over time with compounded interest.
FDIC-insured: Your funds are protected up to the insured limit, offering peace of mind.
Tax advantages: Contributions are tax-sheltered until withdrawal, making it easier to grow your nest egg.
Flexible options: Use an IRA to supplement your employer-sponsored retirement plan or explore a broader range of investment choices.
IRA Contribution Limits & Tax Benefits
For 2024, the total annual contribution limit to your traditional IRAs and Roth IRAs is $7,000 (or $8,000 if you are 50 or older).
Traditional IRAs: Contributions may be tax deductible, depending on your income and whether a workplace retirement plan covers you or your spouse.
FDIC-insured: Your funds are protected up to the insured limit, offering peace of mind.
Roth IRAs: Contributions are made with after-tax dollars, but withdrawals during retirement are generally tax-free.
Seacoast IRA Can Supplement Employer-Sponsored Plans
Provides additional savings potential and flexibility.
Offers access to a wider range of investments.
Helps shelter extra income from taxes and grow retirement funds beyond employer plan limits.
How to Open Your IRA Savings Account:
Opening an IRA savings account with Seacoast Bank is simple:
Gather your information: Address, phone number, email, and Social Security number (or taxpayer ID).
Fund your account: Bank account and routing number for the initial deposit. Minimum balance to open an account is $100.
Visit your local branch: Complete the setup and get personalized advice from a Seacoast banker.
Visit a local branch to open a Seacoast IRA and take control of your future with personalized guidance from our financial experts.
Enjoy these standard features with all of our accounts:
Allpoint® ATMs
Get cash fee-free at 55,000+ Allpoint® ATMs worldwide1. These ATMs are available for cash withdrawals and balance inquiries at retailers including CVS, Target, Walgreens, WaWa and more. Find an Allpoint® ATM location »
Protection You Can Trust
Security is our top priority and substantial measures are in place at Seacoast Bank to protect your identity and your accounts against theft and personal fraud.
Mobile Deposit
Deposit a check anywhere, anytime using the Seacoast Mobile Banking app on your smart device.
Free Online & Mobile Banking
Our online and mobile banking options are fast, convenient, and secure. Pay bills, transfer money, check your balance, and more anytime, anywhere.
Frequently Asked Questions (FAQs)
What are the tax benefits of an IRA?
A traditional IRA may allow you to deduct contributions from your taxable income, whereas a Roth IRA lets you enjoy tax-free withdrawals during retirement. The choice depends on your current and expected future tax situation.
What is the difference between a Traditional and a Roth IRA?
With a traditional IRA, you can make contributions that may be tax-deductible, but withdrawals during retirement are subject to income tax. In contrast, a Roth IRA requires contributions with after-tax income, allowing qualified withdrawals in retirement to be tax-free.
What are the penalties for early withdrawals?
Withdrawing funds from your IRA before age 59½ usually incurs a 10% early withdrawal penalty on the amount withdrawn, in addition to regular income taxes. However, there are some exceptions, like certain educational expenses or first-time home purchases.
Can I transfer funds from my 401(k) to a Seacoast IRA?
Yes, you can roll over funds from a 401(k) into a Seacoast IRA without incurring taxes, provided the rollover is completed within 60 days. Speak with a Seacoast banker to facilitate the process.
How Does Seacoast Bank help with IRA Rollover?
Seacoast Bank will guide and support your IRA rollover, ensuring a smooth and tax-efficient process, moving your retirement funds from a 401(k) or another IRA.
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