Individual Retirement Account

An Individual Retirement Account (IRA) allows you to save for retirement in a tax advantaged way. You may want to consult your tax advisor to review the tax deductible status of your IRA.

View current rates.

IRA Rates

Traditional IRA

The money you contribute may be deductible from your taxes for that year. Withdrawals in retirement are taxed at normal income tax rates. A traditional IRA may be a good choice if you think the tax rate you’ll face in retirement will be lower than your current tax rate. Traditional IRAs allow you to get the tax break when it benefits you most.

Roth IRA

Contributions are made with post-tax dollars, meaning you’re not able to deduct them from your taxable income. The benefit of contributing to a Roth is in retirement, your withdrawals are not taxed at all. A Roth IRA may be a good choice if you’re in a lower tax bracket now than you’ll likely be in the future.

IRA Rollover

If you are retiring or changing jobs, you can avoid withdrawal penalties by transferring your employer held retirement assets into an IRA or other qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account, or you can do it yourself with an IRA-to-IRA rollover.

If you’d like to open an IRA account or need help with a rollover, visit any branch location or contact a banker at 920-779-7000.