Individual Retirement Accounts (IRA)

Individual Retirement Accounts (IRA)

The future is in your hands! Start saving now and with these tax advantaged accounts.

Save for tomorrow while taking advantage of possible tax breaks today. Open a traditional or Roth IRA and get special tax savings while earning interest and building up your retirement savings. Our knowledgeable staff can help you get the account that best fits your financial plan.

Summary
  • Save for retirement
  • Interest bearing accounts
  • No setup or service fee
  • Traditional and Roth IRAs available
  • Certain tax advantages
  • Penalty for early withdrawal
  • FDIC insured up to $250,000
IRA Options

Traditional IRA

With a traditional IRA, your money grows tax deferred until you withdraw the funds.

  • Earnings are tax deferred until withdrawal
  • Contributions are tax deductible*
  • Maximum contribution of $5,000 per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Early withdrawals subject to penalty*
  • Penalty-free withdrawals may begin at age 59½
  • Mandatory withdrawals begin at age 70½

Roth IRA

This is a powerful way to help you plan for and enjoy your retirement.. Contributions are not tax deductible, but your money grows tax free.

  • Earnings are tax free
  • Contributions are NOT tax deductible
  • Maximum contribution of $5,000 per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50
  • Principal can be withdrawn penalty-free
  • Withdrawals of earnings can begin at age 59½
  • Early withdrawals subject to penalty*
  • No mandatory withdrawals

As always, State Bank recommends that you consult with your accountant regarding any retirement plan.

*Certain exceptions apply.