Individual Retirement Accounts (IRAs)
An Individual Retirement Account (IRA) provides tax advantage savings for individuals seeking a comfortable retirement. At Town and Country Bank we have the expertise to assist our clients in determining which IRA option is best for them.
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $1,000 minimum deposit to open
Types of IRAs
Traditional IRA – Contributions are made pre-tax and withdrawals at retirement are taxed as income.
Roth IRA – Contributions are made with after-tax assets and withdrawals at retirement are usually tax-free.
Sep IRA – Allows an employer to make retirement plan contributions into a Traditional IRA established in the name of the employee.
Simple IRA – A savings incentive match plan for employees that requires employer matching contributions to a plan whenever an employee makes a contribution.
Town and Country Bank employs a professional staff with over 125 years of combined investment experience. Our team can guide you through the various IRA options and assist in identifying the best one for you.
Find out more about Traditional and Roth IRAs below — and reach out to us to request more information.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.