Individual Retirement Accounts

IRA no text

We can help you plan for the future.

Help protect your future with an IRA from Community State Bank. Our experts will help you determine which plan is right for you, and will walk through the terms and investment returns to help you meet your retirement goals.

 

**Make sure to check out our retirement calculators at the bottom of the page!

Traditional IRA

  • Individually owned Retirement Account with beneficiaries that can include:
    • Individuals
    • Trusts
    • Charitable Organizations
  • Regular Contribution Eligibility
    • Compensation (Examples include wages, salaries, tips, professional fees and bonuses)
    • Younger 70 ½
  • Pre-tax contributions and tax deferred earnings
  • Withdraws begin at age 59 ½ and are mandatory at age 70 ½
  • Withdraws prior to age 59 ½ may incur a 10% IRS penalty as well as the income tax
  • Withdraws after age 59 ½ are taxed as income
  • No penalty at the bank for partial withdraws at age 59 ½ and over
  • IRA owners and/or their tax or legal professionals are responsible for determining all tax matters

 

Roth IRA

  • Individually owned Retirement Account with beneficiaries that can include:
    • Individuals
    • Trusts
    • Charitable Organizations
  • Regular contribution eligibility
    • Compensation (examples include wages, salaries, tips, professional fees, and bonuses)
    • Modifies Adjusted Gross Income limits (See Chart)
  • Contributions are made with post tax dollars
  • Principal grows tax free
  • No mandatory distribution age
  • Tax free withdraws if the following rules have been met
    • 5 year holding period expired
    • Attained age 59 ½
    • Disabled
    • First time home buyer
  • No penalty at the bank for partial withdraws at age of 59 ½ and over
  • Roth IRA owners and/or their tax or legal professionals are responsible for determining all tax matters

Retirement Savings & Planning Calculators

Retirement Planner

Roth vs. Traditional 401(K)