Individual Retirement Accounts

Individual Retirement Accounts

3.6-retirement-callout

IRA savings accounts: the hardest working acronym in retirement planning.


An Individual Retirement Account (IRA) is a long-term savings plan that offers compound interest as well as some tax advantages. Our local experts can help you build a solid financial future, starting today, so you’re prepared for tomorrow.

Traditional IRAs

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 Since your IRA earnings are not taxed until they are withdrawn, traditional IRAs are a good option if you expect to be in a lower tax bracket during retirement.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 IRAs

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.

Retirement Fund Transfer Account

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 experts can help you set up a Retirement Fund Transfer Account, an IRA rollover account to receive the balance from your current plan.

Ready to start saving for retirement with an IRA? Contact one of our local bankers to get started. 

Do you have an existing retirement account you'd like to rollover? Would you like to find additional investments to supplement your retirement savings? Mutual Financial Group, Bank Mutual's wholly owned subsidiary, can help. Learn more about Mutual Financial Group's retirement solutions or contact us today.

Bank Mutual Deposit Account Rules