Individual Retirement Account (IRA)
Individual Retirement Plans
We specialize in setting up individual retirement plans and making retirement plan rollovers a breeze. We will work with you to build the IRA portfolio you’ll need to meet your retirement planning goals. Our locally managed IRA department is just a phone call away if you need assistance or have questions regarding retirement plan investing. No Fee Traditional IRAs, Roth, Rollover, Beneficiary, and SEP IRAs are available at any of our branch locations and are FDIC insured up to $250,000. Investment options include competitive IRA CDs and easy-access IRA money market accounts. In addition, our Trust Department will help you with self-directed IRAs and rollovers that include investments in stocks, bonds, mutual funds, and other non-FDIC-insured retirement investments.
My Retirement Outlook
Are you saving enough money to retire when and how you’d like? Do you know how much you need to be saving each paycheck to achieve your goals? Our Retirement Outlook calculator helps illustrate what it might take to reach your retirement objectives.
Business Retirement Plans
Our Retirement Plan Services team can help you start or improve your business’s retirement plan. We work with small and large companies, schools, non-profits, and professional practices to develop client-specific retirement plans.
Traditional IRAs
Your contributions may be tax-deductible. You must have earned reportable income and be under age 73. Contribution limits are $6,500 for individuals under 50 and $7,500 for individuals 50 or older.
Rollovers into a Traditional IRA
Individuals receiving funds from an employer retirement plan can keep those funds tax-sheltered with a “direct rollover” into a traditional IRA. We can walk you through the process at any of our branch offices.
Distributions
Mandatory distributions must begin by April 1 of the year following the year an individual reaches age 73. Distributions made prior to age 59 ½ may be subject to a 10% early withdrawal tax penalty unless certain exceptions apply. Consult your tax advisor.
Roth IRAs
Contributions into a Roth are non-deductible. However, all earnings grow tax-free! Enjoy the benefit of fully tax-free withdrawals after a five-year holding period for certain distribution reasons. Anyone with earned reportable income under certain limits can contribute to a Roth IRA and there are no age 73 minimum distribution requirements. Contribution limits are $6,500 for individuals under 50 and $7,500 for individuals 50 and over.
Roth IRA Conversions
Traditional IRA holders can take advantage of tax-free withdrawals at retirement by “converting” their IRA to a Roth. Recent tax laws have eliminated the $100,000 income restriction for Roth conversions. All dollars converted are reported as taxable income in the year the conversion takes place.
Simplified Employee Pension (SEP) IRAs
Designed to give the self-employed and small business owner an affordable retirement plan for their employees. Contributions are made by the employer into a SEP IRA for their employees. SEPs are an attractive choice for many small business owners.
SEP contributions can be made up until the business owner’s tax filing deadline (including extensions). Contribution limits increase each year, so always consult your benefits provider before making SEP contributions.