Personal Banking Products
Contact Our
Personal Banking Specialists
Glen Lake:
(952) 935-8663
Country Village:
(952) 935-5995
Contact Our
Personal Banking Specialists
Glen Lake:
(952) 935-8663
Country Village:
(952) 935-5995
Individual Retirement Arrangements (IRAs)
An IRA is a personal savings plan that gives you tax advantages for setting money aside for retirement to help you reach your savings goals. Consult with your tax or legal professional to review the IRS eligibility requirements to find the best IRA for you. We offer both Traditional IRAs and Roth IRAs.
The Traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which you make them.
The Roth IRA allows only nondeductible contributions and features tax free withdrawals for certain distribution reasons after a five year holding period. This means the earnings on your contributions can be tax free.
IRAs are separately insured by the FDIC up to $250,000 from any other accounts you may have on deposit with us. The IRS Publication 590, Individual Retirement Arrangements, found on the IRS web site can provide detailed information about IRAs.
Traditional and Roth IRA Contribution Limits
| Year: | Traditional IRA and Roth IRA Annual Contribution Limit: |
Additional Catch-up contribution for people age 50 and older*: |
| 2011 | $5000 | $1000* |
| 2012 | $5000 | $1000* |
| 2013 | $5500 | $1000* |
*You must be projected to reach age 50 or older by 12/31 of the tax year to which the contribution relates.
Invest in your future. No matter what your age, now is the time to plan for your retirement. Our IRAs work as hard as you do. Contact our personal banking specialists today.
See how much you could save!
Click on the links below to see contribution limits and to view our current interest rates. Sample our online calculator to determine how much you need to save to reach a certain goal, or if you put a set amount into savings on a consistent basis, to see to what amount that money could grow over time.
The sooner you begin saving for retirement, the more time your money has the potential to grow. It pays to start saving now and to contribute regularly.
