We know that not everyone is comfortable entrusting their retirement in stock or bond markets. For people with a more conservative approach to their retirement, we offer various IRA options. These products offer all the benefits of IRAs, but without the risk of equities.*
Traditional IRA
Individual retirement account established for the benefit of one person. Contributions into a traditional IRA are a great way to supplement other retirement savings. Benefits include:
- Tax-deferred earnings
- Possible tax-deductible contributions
- Mandatory distributions required beginning at age 70 ½
- Withdrawals subject to income tax, and, prior to age 59 ½, a 10% federal tax penalty may apply
Roth IRA
A Roth IRA is an individual retirement account established for the benefit of one person. Benefits include:
- Tax-free earnings on contributions
- No minimum age to open or contribute – must have earned income
- Tax-free distributions are tax-free if you are at least 59½ and the account has been established for longer than five years
- Contributions allowed after age 70½ – must have earned income
- No required minimum distribution
* Always seek professional tax advice. Account fees: $25.00 outgoing transfer fee to another financial institution. Bank forfeiture on early withdrawal may apply.
Independence Bank offers an investment program through Ameriprise Financial Institutions Group. Call or come in today and see how we can help you attain your investment goals.
