You've made the smart choice!

IRAs

Individual Retirement Accounts (IRA's) are special savings accounts that allow individuals to save money for retirement while deferring taxes on the interest income until the funds are withdrawn. By saving money today, you can assure yourself of a secure retirement income. First, consult your tax advisor for details. Then let Community Bank put you on the road to a financially secure retirement.

THE TRADITIONAL IRA

You can deposit as little or as much as you want into your IRA each year up to the limit set by law outlined in the chart below. 

Benefits of a Traditional IRA

  • Independence from employer participation
  • Tax credit for the contribution (if eligible)
  • Ability to leave your assets to the beneficiary(ies) of your choice
  • Tax deduction for contribution (if eligible)
  • Tax-deferred earnings until withdrawn

THE ROTH IRA

If you have earned income within or below the current year's income range, you are eligible to contribute to a Roth IRA.  The limits are dependent on your tax-filing status.

Benefits of a Roth IRA

  • Independence from employer participation
  • Ability to leave your assets to the beneficiary(ies) of your choice
  • No required minimum distributions
  • Possible tax credit for the contribution
  • Tax-deferred earnings
  • Tax-free distributions if qualified

EGTRRA law changes allow individuals to contribute a specific annual amount or 100% of compensation, whichever is less. Special "catch up" contributions for those 50 and over were established in 2002. See the chart below.

Also effective beginning January 1, 2002, catch-up contributions are possible for IRA holders who have attained the age of 50 before the close of the taxable year. Catch up contributions may also be made according to the chart below.

Tax Year
Contribution Limit
Age 50 and Over Limit
2012
$5,000
$6,000
2013
$5,500
$6,500
2014
$5,500
$6,500

FEATURES OF COMMUNITY BANK IRAs

  • No start up fees
  • Variable Rate Savings Account with a competitive interest rate and no minimum to start
  • Fixed rate CDs available

Call or contact us for more information on any of Community Bank's IRA investment products. It's never too soon to begin saving for your retirement.

Community Bank does not accept Individual Retirement Accounts from outside the tri-state area, which includes Iowa, Nebraska, and South Dakota.

 

BEFORE INVESTING, PLEASE CONSULT YOUR TAX ADVISOR.

(back to top)
 

Are you SO OVER the giant wallet?