Personal - Deposits - Individual Retirement Accounts (IRA) Scott State Bank

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Individual Retirement Accounts (IRA)

Talk to us about our variable and/or fixed rate Individual Retirement Accounts (IRAs)!  

A Traditional IRA can be a valuable retirement savings tool.  With so many incentives for placing your money in an IRA, including multiple tax advantages, a Traditional IRA may be just the right savings vehicle for you.   As long as you are under age 70½ and earning income from personal service rendered, you can establish and contribute to a Traditional IRA.

A Roth IRA can provide you with tax-free income at retirement.  Setting money aside now in a Roth IRA is a great way to ensure tax-free income during retirement.  As long as you are eligible (income limits are dependent on your tax-filing status), you can contribute to a Roth IRA and start taking advantage of its many benefits.  Simply invest after-tax dollars and let the earnings accumulate tax-deferred.  Later, if qualified, you can withdraw the money tax-free.  That’s the key advantage of owning a Roth IRA.