Welcome to Security State Bank's IRA Page!
What is an IRA? An IRA is an Individual Retirement Account, and provides a tax-deferred way of saving for retirement. There are many different types of accounts within the world of IRAs, depending on the financial goals and situations of each individual, though traditional and Roth IRAs are the most common choices.
What is a Traditional IRA? A traditional IRA allows tax-deductible contributions of up to $5,000 per year if under age 50, and up to $6,000 if you are over age 50. To make a contribution, you must have earned income. However, once the funds in an IRA are withdrawn, it is subject to standard income taxes and an additional penalty if withdrawn before the age of 59 1/2. An exception is made if the money is used for purchasing a house or to cover approved higher education costs.
What is a Roth IRA? Roth IRAs were created in 1998. These IRAs are not tax-deductible, but provide even greater flexibility than traditional IRAs. Contributions to the account can be withdrawn at any time without being subject to penalty or tax, though interest earned in the account is. You may get to your Roth earnings tax free and penalty free over age 59 1/2 provided the IRA has been established more than 5 years.
What is a SEP? A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement. Contributions are made directly to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SEP-IRA)
Planning for retirement is important, speak with one of our IRA Experts to learn more about the world of IRAs!
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Barb Morreim
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Patti Trumm
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Deb Merfeld
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Wilma Parsons
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Doug Edel
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Kris Gobeli
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Vice President
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Vice President
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Vice President
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Vice President
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E.V.P/ Cashier
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Vice President
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Cascade
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Cascade
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Monticello
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Monticello
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Anamosa
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Anamosa
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563.852.3245
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563.852.3245
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319.465.7010
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319.465.7010
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319.462.6031
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319.462.6031
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Click here to learn about Health Savings Accounts! |
