IRA Individual Retirement Accounts - Minnesota Business BankingIndividual Retirement Accounts are an excellent way to plan for your retirement future and supplement social security benefits.  Also, they are FDIC insured up to $250,000 so you don’t have to worry about losing this important investment.

Benefits of the Traditional IRA:

  • Contributions may be tax deductible (consult your tax advisor)
  • Contributions and related earnings are tax-deferred until distribution
  • Everyone under age 70 ½ with earned income can participate

Requirements of the Traditional IRA:

  • Distributions may begin at age 59 ½, and are required by April 1st of the year following the year you
     turn 70 ½
  • Distributions taken prior to age 59 ½ may be subject to a 10% early withdrawal penalty by the IRS, unless an exception exists

Benefits of the Roth IRA:

  • Contributions are not tax deductible, but earnings are free from federal income tax if certain conditions are met
  • Contribute past the age of 70 ½ with no mandatory distribution requirements
  • Non-deductible contributions can be withdrawn anytime without federal income tax or IRS penalties

Call or visit us today at one of our convenient locations.  We will answer all your questions and help you open up an account that is perfect for you!

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