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IRAs

The Power of an Individual Retirement Account

Nearly everyone who is under 70½ years old and has earned income is eligible to contribute to an individual retirement account (IRA). These contributions may or may not be tax deductible when filing an income tax return.

At Security State Bank, your IRA contribution can be invested in a certificate of deposit or a savings account. You choose how much and where. Deposits up to $250,000 are FDIC insured. Once you have consulted your tax or legal professional for guidance, please contact us to start saving for your future.

Security State Bank offers both traditional and Roth IRAs.

Traditional IRA vs. Roth IRAs

Comparison table of Traditional IRAs and Roth IRAs
  Traditional IRA Roth IRAs
Tax Benefits Tax-deferred earnings and potentially tax-deductible contributions Tax-free earnings and tax-free withdrawals
Minimum to Open $100.00 for a savings account or $1,000.00 for a certificate of deposit $100.00 for a savings account or $1,000.00 for a certificate of deposit
Eligibility You must have earned income equal to or greater than your contribution, and you must be under age 70½ You must have earned income equal to or greater than your contribution, and your modified adjusted gross income must fall within limits prescribed by the IRS.
Maximum Contribution $5,500.00 annually ($6,500.00 if 50 or older) $5,500.00 annually ($6,500.00 if 50 or older)
Required Minimum Distributions After age 70½ None
Annual Fee None None
Low Balance Fee $25.00 (annually, before age 70½ if average yearly balance is less than $500.00) $25.00 (annually, before age 70½ if average yearly balance is less than $500.00)
Transfer Fee 1% fee upon transfer to another financial institution, not to exceed $50.00 1% fee upon transfer to another financial institution, not to exceed $50.00
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