PERSONAL BANKING
IRA ACCOUNTS
We all look forward to the day when our time becomes our own and we can enjoy the benefits of a lifetime of hard work. But in order to make your retirement all that you imagined, you need to start planning today.
Tower Bank offers options in both Traditional and Roth IRAs, so you can choose the retirement account that best fits your current financial situation and your future goals. Setting aside money each year into an IRA can be a great way to help supplement your retirement savings.
Our friendly local staff will gladly take the time to answer your questions and help you make the best choice for your situation. So stop in and meet with us, and take the first step toward a comfortable retirement!
Traditional IRA
A Traditional IRA is an excellent tool to prepare for retirement with tax-deferred savings opportunities. Anyone under the age of 70 1/2 with earned income is eligible to participate. With a Traditional IRA, you won’t pay taxes on the earnings and in some cases on the contributions, until distributions are taken from the account. Please consult your tax advisor.
Roth IRA
One of the smartest financial decisions a person can make is to invest in a Roth IRA. With this indispensible savings tool, your money grows tax-free, and you can invest in almost anything. Withdrawals are tax-exempt when the account is maintained for at least five years and certain withdrawal conditions are met. Contributions are not tax-deductible and income must fall below the required maximum. With no age limits for contributions or withdrawals, you can open a Roth IRA today and watch your savings grow.
Click here to see the Tower Bank IRA brochure.
