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Savings

Individual Retirement Accounts (IRAs)

INDIVIDUAL RETIREMENT ACCOUNT (IRA)

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SUMMARY

Do you want to spend your golden years behind a desk or by the beach? We thought so. Start saving for tomorrow today with an SSB IRA. Competitive interest and tax advantages* help you make more of your money. No setup or annual fees** mean you’ll be able to unwind even earlier. Choose between a Traditional or Roth IRA to find the plan that suits you best. Do your future self a favor — open your IRA today.

Details:

  • Save for retirement with tax advantages*
  • Earn competitive interest higher than standard savings
  • Traditional and Roth options available
  • Annual contribution limits apply*
  • No annual fee**
  • No minimum balance requirements
  • Federally insured by FDIC up to $250,000
  • No minimum deposit to open

Is an IRA Right for You?

We’ll help you figure it out! Call one of our customer service representatives today at (620) 872-7224.

*Consult a tax advisor.

**Fees will apply to a self-directed IRA (0.25% or up to $250 annually)

TRADITIONAL VS. ROTH

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 72

Roth IRA

  • Prepare for qualified medical expenses
  • Income limits to be eligible to open Roth IRA*
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

IRA ROLLOVERS

Make Sure Your Hard Work Doesn’t Go to Waste

If you are retiring or changing jobs and plan to withdraw money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA rollovers or opening a new IRA, just give us a call at (620) 872-7224.