What do you think of when you hear retirement?

For most, relaxation typically comes to mind. You’ve worked hard all your life, it’s about time for that, right? We couldn’t agree more. So that you can really, really relax….you should really, really plan appropriately. Fortunately, it’s never too early or too late to start saving. 

An IRA offers tax-advantaged savings with no monthly or annual maintenance fees. An Equity Bank representative can work with you to determine which will work best for you based on your savings goals and lifestyle. Advice from your tax advisor is encouraged, and a smart move.

Questions?

An Equity Bank representative can work with you to determine which option will work best for you, your goals, and lifestyle.

Contact us

Traditional IRA

  • Allows you to defer taxes on your earnings until they are withdrawn
  • No income limits to open
  • No minimum contribution per year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½


Roth IRA

  • Income limits apply
  • Contributions are NOT tax deductible
  • Earnings are 100% tax FREE at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income


*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.