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Individual retirement accounts (IRA)
Accurately predicting the future is a longshot, but steps can be taken to actively prepare for whatever it may bring. We’ll help you find peace of mind as you grow your assets and save for retirement.
We offer traditional* and Roth IRAs*. Both have their own unique tax advantages, and there are no annual fees or set-up charges.
Traditional IRA
Contributions to traditional IRAs are made from earned income and may be tax-deductible. Interest earned is tax-deferred until distributions are taken.
- Contributions can be made at any age
- No annual fees or set-up charges
- Contributions may be tax deductible*
- $7,000.00 contribution limit for tax year 2024
- Additional $1,000.00 “catch-up” contribution allowed for ages 50 and up
- Previous year contributions accepted until April 15
- Earnings accumulate tax-deferred*
- Withdrawals can begin at age 59½
- Mandatory withdrawals at age 72 (or 73 if you reach age 72 after December 31, 2022)
- Early withdrawals subject to penalty**
Roth IRA
Contributions to Roth IRAs are made from earned income. Distributions of principal and interest may be tax-free.
- Contributions can be made at any age
- No annual fee or set-up charges
- Contributions are not tax-deductible*
- $7,000.00 contribution limit for tax year 2024
- Additional $1,000.00 “catch-up” contribution allowed for ages 50 and up
- Previous year contributions accepted until April 15
- Earnings and principal may be tax-free upon withdrawal
- Earnings can be withdrawn penalty-free at age 59½
- No mandatory distribution age
- Principal may be withdrawn penalty-free at any time***
- Early withdrawals subject to penalty**
Simplified Employee Pension (SEP)
Give your employees more reasons to love your company by enhancing their benefits package. Small businesses and self-employed professionals alike can take advantage of this special IRA designed to make offering retirement options easy and affordable.
Employer contributions are tax-deductible, and employees don't pay taxes on funds until they’re withdrawn. Everyone wins!
- Help employees save for retirement
- Ideal for self-employed individuals
- Interest-bearing account
- Employer contributions are tax-deductible
- Employee funds are tax-deferred
- Funded solely by employer contributions
- Employee has 100% ownership of all funds
- Previous year contributions accepted until April 15
- Lower cost than other conventional retirement plans
- Easy to get started and administrate
How to apply for an IRA
There are two ways to get started with your IRA:
- Call 641-228-2343.
- Schedule an appointment at one of our convenient banking offices.