Retirement Plans

An individual retirement account (IRA) is a personal savings plan that offers you tax advantages to set aside money for your retirement or, in some plans, for certain educational expenses.

Account Description

You make after-tax contributions but the money you withdraw after retirement may be free from federal taxes.

Your earnings grow tax-deferred and, if eligible, your contributions may be tax-deductible as well.

Eligibility to Contribute

You can contribute at any age as long as you have earned income and meet the income limitations.

You can contribute up to the year you turn 70½ as long as you have earned income.

Maxumim Annual Contribution

$5,500 ($6,500 age 50 and older) for the 2013 tax year

$5,500 ($6,500 age 50 and older) for the 2013 tax year

Tax-deduction Contribution

Contributions are made in after-tax dollars if you meet the eligibility requirements.

You can deduct your contributions if you meet the eligibility requirements.

Taxation of Earnings and Withdrawls
  • Contributions (all are made after tax) and earnings are income tax-free if the account is held for 5 years and are withdrawn for a qualified reason. 
  • Withdrawal of earnings for non-qualified reasons may be taxed as ordinary income and subject to an early withdrawal penalty.
  • Tax-deductible contributions and earnings are taxed as ordinary income when withdrawn.
  • After-tax contributions are withdrawn tax-free.
Withdrawal Penalties
  • No penalties for withdrawals of contributions. 
  • 10% IRS early withdrawal penalty if earnings withdrawn before age 59½ unless exception applies.

10% IRS early withdrawal penalty if withdrawn before age 59½ unless exception applies.

Types of Investments
  • Stocks, bonds and mutual funds through Tower Square Securities, Inc., a broker/dealer (member FINRA/SIPC). 
  • Savings accounts and CDs (time deposits) eligible for FDIC insurance available through Hanmi Bank, N.A.
  • Stocks, bonds and mutual funds available through Tower Square Securities, Inc., a broker/dealer (member FINRA/SIPC). 
  • Savings accounts and CDs (time deposits) eligible for FDIC insurance available through Hanmi Bank, N.A
Insurance products are offered through Chunha Insurance, Hanmi Bank's affiliate. Unlike traditional bank products, insurance products are not deposits or other obligations of, or guaranteed or insured by Hanmi Bank or any affiliate of the Bank. Insurance products are not guaranteed or insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States. Customers are not required to purchase insurance products though Chunha Insurance to qualify for a loan.
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