IRAs
Build your nest egg with an individual retirement plan customized to your savings goals.
Traditional IRA
Save for your retirement the tax-advantaged way.
- Offers tax benefits as contributions which may be tax-deductible the year you make the contribution.
- Contributions are done on a pre-tax basis so you will be taxed in the future when you withdraw money from the IRA.
- If you expect to be in a lower tax bracket when you retire, you will benefit most from a Traditional IRA.
- Consult your tax advisor.
Roth IRA
Contribute after-tax dollars now, withdraw later, tax-free.
- The Roth IRA allows you to invest after-tax dollars now, receive the growth of tax-deferred earnings, and have the principal amount tax-free when you take distributions.
- Roth IRA funds may be withdrawn penalty-free for qualified distributions.
- Consult your tax advisor.
IRA Savings
The account that makes it simple to find the balance between saving for retirement and spending on everyday necessities.
- Tiered rates pay more interest with higher balances, encouraging you to consolidate money from other financials to earn the best potential rate.
- Easier access to funds.
- Distributions are quicker.
Simple IRA
Provide your small business employees an alternative to a qualified profit-sharing plan.
- Gives small employers a simplified method to make contributions toward their employees’ retirement and their own retirement.
- Employees may choose to make salary reduction contributions and the employer can make matching or non-elective contributions.
- All contributions are made directly to an IRA set up for each employee.
SEP (Simplified Employee Pension Plan)
The perfect option for small businesses and entrepreneurs who are looking out for their own and their employees' retirement future.
- Employers can benefit from a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement.
- Enjoy contributions that are made directly to each individual employee's IRAs.
- An employer may offer a SEP plan in conjunction with another defined contribution plan. This plan can be set up by any type of business, including sole proprietorships, partnerships or corporations with any number of employees.
Rollover IRA
Are you changing jobs or leaving employment and want to take your retirement plan with you? Consider the advantages of rolling those dollars into an IRA:
- Retain the tax deferral benefits that your employer-sponsored retirement savings plan has provided
- Preserve the right to roll your savings into a new employer’s plan in the future
- Receive broad investment flexibility — you control your money, and you are no longer limited solely to your employer’s investment options
- Avoid significant taxes and penalties that may arise from taking a distribution
Compare Your IRA Options
You deserve to have all the facts when deciding which retirement account is right for you.
| Traditional IRA | Roth IRA | |
|---|---|---|
| Maximum yearly contribution (2020) | Lesser of $6,000 or 100% of earned income ($7,000 if age 50 or older) | Lesser of $6,000 or 100% of earned income ($7,000 if age 50 or older) |
| Income limitation for contributions | No | Yes |
| Tax-deductible contributions | Yes. Fully deductible if neither you nor your spouse is covered by a retirement plan. Otherwise, your deduction depends on your income and filing status. | No. Contributions to a Roth IRA are never tax-deductible. |
| Age restriction on contributions | No | No |
| Tax-deferred growth | Yes | Yes; tax-free if you meet the requirements for a qualified distribution. |
| Required minimum distributions during lifetime | Yes. Distributions must begin by April 1 following the year you reach age 72. | No. Distributions are not required during your lifetime. |
| Federal income tax on distributions | Yes, to the extent that a distribution represents deductible contributions and investment earnings. | No, for qualified distributions. For nonqualified distributions, only the earnings portion is taxable. |
| 10% penalty on early distributions | Yes, the penalty applies to taxable distributions if you are under age 59 1/2 and do not qualify for an exception. | No, for qualified distributions. For nonqualified distributions, the penalty may apply to the earnings portion. (Special rules apply to amounts converted from a traditional IRA to a Roth IRA.) |
| Includable in the taxable estate of IRA owner at death | Yes | Yes |
| Beneficiaries pay income tax on distributions after IRA owner's death | Yes, to the extent that a distribution represents deductible contributions and investment earnings. | Generally no, as long as the account has been in existence for at least five years. |
Certified IRA Services Professional (CISP)
Work with the region's largest group of trained IRA professionals.
Our team of CISPs possess a thorough understanding of IRAs. Let us layout the options for you and answer any questions you may have.
Retirement Calculators
Let us help you do the math.
Our comprehensive retirement calculators will help you crunch every number to set a clear road map to reach your financial goals.
Additional Features
- Overdraft Protection:
- Transfers money from another deposit account into your checking account.
- A small transaction charge is assessed for each overdraft transfer, which costs less than an overdraft charge.
- Overdraft Consideration:
- We may cover your overdraft so you can avoid merchant fees from declined transactions or returned checks.
- An overdraft charge may apply for this discretionary service.
- Available in addition to the overdraft services listed above.
- Learn the details of Overdraft Consideration
- Debit Card Overdraft Consent Service:
- May help you avoid having your transactions automatically declined.
- Applies only to ATM and everyday Debit Card transactions.
- An overdraft charge may apply if this service is used to complete your transaction.
- Learn more about overdraft services here.
- Automated bank-by phone system that gives you account information using a touchtone phone. To access, call 715-735-BANK (2265) or 800-924-9796.
- Many employers offer paycheck deposits into a checking or savings account. Consider taking advantage of this benefit to help with budgeting by earmarking a portion of each paycheck to be deposited into your savings account.
- Keep valuable information and important documents safe.
- Reorder your checks here:
- https://orderpoint.deluxe.com/personal-checks/welcome.htm?execution=e1s1
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