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IRAS

Kent Bank Individual Retirement Accounts (IRAs) are an extremely effective way to build retirement savings.

There are many variations of IRAs, but they all have in common built-in tax advantages that allow your account to compound at a faster rate than a fully taxable investment. Kent Bank IRAs are the simplest of retirement plans: you fill out a form, select the investments, and contribute the money yourself.

A Kent Bank Personal Banker can help you decide, based on your individual circumstances, what type of IRA may work best for you, and what investments would best fit your long-term goals. Of course, you'll want to consult with your tax advisor to verify the deductibility of your IRA contributions.

We’ll be pleased to answer your questions about Kent Bank IRAs – call us at 1815.235.2711 or 1815.443.2711.

TRADITIONAL IRA

If you're eligible and have earned income, you should set aside money each year into an IRA as a way to supplement your other retirement savings. With a Traditional IRA from Kent Bank, you pay no tax on your earnings until you withdraw them at retirement, when you may be in a lower tax bracket.

You should consider a Traditional IRA if:

  • You anticipate your tax rate at the time of future withdrawals will be lower than your current tax rate.
  • If your income is over $114,000 (single) or $181,000 (joint), since you are not eligible to make a full Roth IRA contribution.
  • The opportunity to take a tax deduction on the IRA contribution, which may lower your current tax bill.

You can deduct your Traditional IRA contribution if:

  • You (and/or your spouse) do not participate in an employer-sponsored retirement plan. Note that even though you and your spouse may be participating in a employer-sponsored retirement plan, you may still contribute to an IRA. Your tax advisor will help you determine the deductibility of your contributions.
  • You alone do not participate in an employer-sponsored plan and your Adjusted Gross Income is less than $150,000.
  • Your Adjusted Gross Income is less than the income limits that apply for the tax year, regardless of whether you're in a retirement plan at work.

Opening your Traditional IRA

Visit any Kent Bank Personal Banker – we'll help you with the paperwork and answer your questions.
Choose fixed rate or variable rate FDIC insured Certificates of Deposit. Call us at 1815.235.2711 or 1815.443.2711.

Rolling-Over An IRA

Changing jobs? Not happy with your current IRA provider? Or just trying to keep your retirement investments on a predictable path? Rolling over your retirement savings into a Kent Bank Individual Retirement Account (IRA) is a flexible way to ensure your savings continue to be invested and tax-advantaged with safe, secure FDIC insured investments.

Rollover IRA Benefits

  • Keeps your retirement investments tax-deferred, and protected from taxes and penalties.
  • FDIC-insured CDs.
  • Provides convenient access to your money when you decide to take distributions at retirement.

Enjoy a Smooth Transition with a Kent Bank IRA Transfer
We'll help you manage the transfer of your retirement plan distribution. No hassle, plain English help.

ROTH IRA

A Roth IRA is a great way for individuals to save for retirement, for one key reason: the earnings on your investment are free from Federal income taxes as long as you meet certain conditions.

Roth IRA Benefits

  • Contributions can be withdrawn without taxes or penalties.
  • Distributions, including interest, are tax-free if you are at least 59 ½ and the account has been established for longer than five years. Distributions may be taken before age 59½ under certain circumstances.
  • You can contribute after age 70 ½ as long as you have earned income.
  • No minimum distribution requirements during your lifetime.
  • Tax-free benefits can be passed to your beneficiaries.

You should consider a Roth IRA if:

  • You want tax-free earnings.
  • You are already saving for retirement with an employer-sponsored plan.
  • Your income does not exceed $181,000 for married taxpayers or $114,000 for single taxpayers.
  • You want to invest for retirement but may need to access your savings.

Opening your Roth IRA

Visit any Kent Bank Personal Banker – we'll help you with the paperwork and answer your questions.
Choose fixed rate or variable rate FDIC insured Certificates of Deposit Call us at 1815.235.2711 or 1815.443.2711.

 

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