Retirement Accounts

When it comes to financial security in retirement, planning is where it all begins. We can help you set up a retirement account that will help you prepare for that fun and exciting retirement you’ve been dreaming of. If you’re already retired, our bankers can assist you with a plan that keeps your money working hard for you.

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Account Types

An Individual Retirement Account, commonly called an IRA, is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. At Community Bank we offer a variety of IRA accounts including the following:

Traditional IRA

A Traditional IRA is an account set up to save for retirement that offers special tax advantages. These include tax deductions on contributions if eligible, tax-deferred earnings, and additional tax credit for qualifying individuals. 

Roth IRA

A Roth IRA is an account set up to save for retirement that offers special tax advantages that differ from a Traditional IRA. A Roth IRA does not offer a tax deduction for contributions made to the account but offers tax-exempt earnings for qualified distributions. It also offers tax-deferred earnings and an additional tax credit for qualifying individuals.

SEP

Simplified Employee Pension is a Traditional IRA set up by an employer for an employee. Only the employer can make contributions to the IRA and the employee is 100% vested in the account which means they have full ownership of the money.

SIMPLE

A Savings Incentive Match Plan for Employees allows employers to contribute to a traditional IRA for their employees. This account is ideal for small employers who want to start a retirement savings plan for their employees. Employers cannot have any other retirement plan and must contribute to the plan each year. Employees may also elect to contribute and are always 100% vested in the account.

Coverdell Education Savings Account

A Coverdell Education Savings Account is an account created as an incentive to help parents and students save for educational expenses. Contributions are not tax deductible but grow tax free until distributed. The beneficiary (someone under the age of 18) will not owe tax on the distributions if they are less than their qualified education expenses at an eligible institution such as a qualified higher education, elementary, or secondary education.

Transfers and Rollovers

If you are changing jobs, retiring or you would simply like to move your current IRA from another account to Community Bank, we can assist you with the transfer or rollover of your retirement dollars into an IRA.

 

 

Benefits

It is never too early to start thinking about your retirement. Many individuals rely solely on Social Security and employee-sponsored retirement plans to provide retirement income, but many times this provides inadequate income during retirement. Regardless of the type of IRA that you are interested in, Community Bank offers a variety of account options.

  • After tax-advantages
  • Variety of rates and terms
  • Fixed interest rate for the term of investment
  • Rate adjusts to current interest rate upon maturity
  • A penalty may be imposed for early withdrawal
  • Insured by the Federal Deposit Insurance Corporation for up to $250,000 per depositor

 

 

Frequently Asked Questions

 

 

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