INDIVIDUAL RETIREMENT ACCOUNTS (IRAs): 

 

Here at Liberty Trust & Savings Bank we want to help you achieve all of your financial goals, both during and after your working years. Recent tax law changes provide numerous opportunities that can start you down the path to financial security. To aid your reaching your goals, we offer traditional IRAs, Roth IRAs and Simplified Employee Pension Plans (SEPs).    

 

Traditional IRA: 

A Traditional IRA is designed for individuals who want to save tax-deferred dollars and want their annual contributions to be tax-deductible.  

 

 

Roth IRA: 

The major benefit of a Roth IRA is tax-free earnings growth.  Although contributions to a Roth IRA are not tax-deductible, the contributions can be removed at any time without federal taxes or penalties.  You are not required to receive distributions at the age of seventy and one-half and in most cases, you can pass your Roth assets to your heirs free of federal income taxes.  Withdrawal of earning is tax-free if certain distribution rules are met. 

 

 

SEP IRA: 

A SEP IRA is a low-cost retirement plan designed for small businesses and the self-employed business owner.  This would include sole proprietors, partnerships, S-corporations and corporations.  The SEP plan enables you to make discretionary, tax-deductible contributions for employers and eligible employees.  The employer may choose to make the plan less restrictive.  Earnings and contributions are tax-deferred. 

 

Check with your financial advisor for more details about the IRA that’s best for you and your tax-deductibility status. 

 

Bank penalties may apply for early withdrawal. 

 

Please contact one of our IRA service representatives in any one of our four locations for more details and information.