An IRA is a long-term savings plan that offers compound interest as well as some pretty nice tax advantages. Our IRA specialists can help you build a solid financial future, starting today.
Start saving now with a Traditional IRA and your contributions and earnings will grow tax-deferred. If you qualify, your contributions may be tax-deductible. Withdrawals are required by age 70 1/2, and there are tax penalties for early withdrawal (before age 59 1/2). There are some exceptions, such as withdrawals used for education expenses or for purchasing your first home. A Bank Mutual IRA specialist can explain the details. Since your IRA earnings are not taxed until they are withdrawn, traditional IRAs are a good option if you expect to be in a lower tax bracket during retirement.
Roth IRA contributions are made with after-tax dollars. By paying taxes on the money you invest now, there are no income taxes on qualified withdrawals from your Roth IRA. Your earnings will grow tax-free, and withdrawals are not required at any time. You can make contributions to your Roth IRA at any age, as long as you have earned income. This makes it a useful estate-planning tool, allowing you to use your funds for your retirement or pass them on to your heirs.
If you're changing jobs, retiring, or your current retirement plan is ending, there's no need to worry about what will happen to your existing funds. Our IRA specialists can help you set up a Retirement Fund Transfer Account, an IRA rollover account to receive the balance from your current plan.