Individual Retirement Accounts
Retirement accounts are one of the most convenient methods of saving for your future with the added benefit of deferring a portion of your taxes.
Contributions to a Traditional IRA are tax deductible for many people – in
full if you or your spouse do not participate in an employer plan. If either
you or your spouse is covered under an employer plan then a portion of your
contribution may still be deductible, depending upon your income. But
regardless of your income, all earnings are tax deferred until distributions
begin. If you are under 70 1⁄2 years of age with an
earned income, this may be the product for you.
Roth IRAs
Contributions to a Roth IRA are
not tax deductible. Funds may be withdrawn after age 59 1⁄2 without penalty
and tax free provided the account has been opened for a minimum of 5 years.
SEP Plans
SEPs are another type of
retirement plan for businesses or self-employed individuals. This plan gives
employers a method of providing retirement benefits without the complexities
of a qualified plan. For more information on
any of our Individual Retirement Accounts, please call Arlene Bradley, our
Retirement Service Manager at 1-877-963-2100.
FDIC deposit insurance temporarily increased from
$100,000 to $250,000 per depositor through December 31, 2031.
Home |
Personal Banking |
Commercial Banking |
About RSB |
Rates |
Contact Us |
Privacy Policy
| 
