South Carolina Bank and Trust

IRAs

Traditional IRA

A Traditional IRA from SCBT allows you an opportunity to supplement your other retirement savings.

Tax Deductible contributions*

  • No additional participation by you or your spouse in an employer-sponsored retirement plan
  • Your AGI (Adjusted Gross Income) is less than $150,000 in addition to non-participation in an employer-sponsored plan.
  • Your AGI is less than the current years income limits

Contribution Limits:

Year Limits for < 50 years Limits for > 50 years
2005 $4000 $4500
2006 $4000 $5000
2007 $4000 $5000


Withdrawals may begin at age 59 ½ or earlier for college expenses or first home purchase or substantially equal period payments **
* Consult your tax advisor concerning interest deductibility.
** Withdrawals may be subject to certain penalties.


Roth IRA

A Roth IRA from SCBT affords you several benefits as you save for retirement.

  • Earnings are tax-free under specific conditions, though contributions are not tax deductible*
  • Funds may be withdrawn after five years for first-time home purchase without penalty
  • Can contribute after age 70 ½ if you have earned income
  • Your beneficiaries can inherit your tax-free benefits
Year Limits for < 50 years Limits for > 50 years
2005 $4000 $4500
2006 $4000 $5000
2007 $4000 $5000


*Consult your tax advisor concerning Roth contributions and withdrawals


Rollover IRA

Contribute funds from a qualified pension plan, profit-sharing plan, or IRA from another institution.

 

Securities and Insurance Products Offered Through Linsco/Private Ledger Member FINRA/SIPC.  LPL and SCBT are independent entities.

                          Not FDIC Insured  No Bank Guarantee  May Lose Value
                          Not a Deposit  Not Insured by any Government Agency