Your IRA Investment: It's Your Choice!

 Whatever your retirement goals and needs:

• You're looking for a Traditional, Roth or Educational IRA
• You have funds from a previous employer's retirement plan that you want to roll into an IRA
• Or, you have funds from several IRA's that you want to consolidate.

Traditional IRA

Take advantage of tax-deferred earnings and possibly yearly deductions.

Who's it for:

• You are a taxpayer with earned income, or you are a non-working spouse.
• Deductible contributions are more important to you than tax-exempt distributions.
• You would like to supplement your retirement savings in addition to your employer's retirement plan.
• You do not have another IRA or you want to split contributions between a Traditional IRA and a Roth IRA.

Check Rates

Tax deductions

You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your Traditional IRA.  Visit https://www.irs.gov/retirement-plans for more information.

Tax deferrals

You don't pay taxes on earnings or pre-tax dollars in your IRA until you begin receiving distributions. The required beginning date to receive distributions is no later than April 1 following the year in which you reach age 73 (beginning 2023).

Withdrawals and Penalties for IRAs

• Withdrawals with federal additional tax. If you make withdrawals before age 59 1/2, these withdrawals may be subject to a 10% federal  additional tax and possible state taxes. Bank penalties may apply for  withdrawals from time deposits before maturity. 
• Withdrawals without federal additional tax. Under certain conditions, withdrawals may not be subject to the 10% federal additional tax (for example, if you take substantially equal periodic distributions for an extended period, or you or a family member is buying a first home or  going to college). However, the withdrawals are subject to ordinary income taxes. Bank penalties may apply for withdrawals from time deposits before maturity.

Rollover from an employer-sponsored retirement plan

A Traditional IRA is a good choice for individuals who are changing jobs or retiring and want to keep their retirement plan distribution invested and untouched by taxes. By making a direct rollover from your employer-sponsored plan, you avoid withholding taxes and penalties on the distribution, so more of your money keeps compounding tax-deferred.

SEP (Simplified Employee Pension) IRAs

A SEP is one of the most effective ways for business owners (and their  employees) to build their retirement savings. It's a good choice for small businesses, self-employed individuals, and salaried individuals that operate  a business on the side.

Contributions to a SEP for yourself and your employees are tax-deductible as a business expense. SEP earnings grow tax-deferred until withdrawals begin. With taxes deferred, your balance may grow faster, potentially giving you more  than you'd have by investing the same amounts in a taxable investment account.