PREPARE FOR A RELAXING RETIREMENT

Plan ahead so you can be ahead when you retire

Your comfort in retirement starts with your decision to plan ahead. With FDIC insurance up to $250,000 and free and flexible distribution options, IRAs are a great way to fund your personal retirement savings plan. Whether you want a Traditional or Roth IRA, Bank Iowa will help you maximize your tax-free savings.

 

Visit our Roth IRA vs. Traditional IRA calculator to compare the differences highlighted below.

 

Traditional IRA

 

  • Contributions tax-deferred until withdrawal
  • May be eligible to deduct contributions on current tax returns
  • Penalty-free early withdrawal for certain expenses (e.g., first home, college, uninsured medical coverage, etc.)

 

Roth IRA

 

  • Unlike Traditional IRAs, a Roth IRA incurs taxes immediately.
  • “Qualified distributions” will be tax free.
  • Income is taxed now, when you are working, instead of when on a fixed income.
  • Penalty-free early withdrawal is available for certain expenses (e.g., first home, college, uninsured medical coverage, etc.)

 

Let Bank Iowa help you begin planning for your future — contact us today!