Stop by one of our convenient locations to get started today!
Brighter Tomorrows Start With Individual Retirement Accounts
Get StartedHow do you envision your golden years?
Whether you want to spend retirement by the beach, traveling the country or spoiling your grandkids, enjoy your future your way with an Individual Retirement Account (IRA).
Save Smart With Our Retirement Account Options
Traditional IRA
Establish that nest egg you’ve always wanted with this traditional retirement account.
- Tax-deductible contributions
- Tax-deferred earnings
- Available to those under the age of 70 ½ with earned income
Father and son walking after playing a game of basketball. Young man and teenage boy having fun, talking and chatting while staying fit, active
Young beautiful woman traveling by car in the mountains using smartphone at sunsetRoth IRA
Plant seeds and watch your money grow over time with this account funded with after-tax dollars.
- Non-deductible contributions
- Tax-free earnings
- Available to those under the age of 70 ½ with earned income
Stop by one of our convenient locations to get started today
Educational IRA
A quality education is valuable, but it can also be expensive. Although it’s not a true retirement account, an Educational IRA can help you save for educational expenses, so you can focus on school without worrying about finances.
- Non-deductible contributions
- Tax-free earnings
- Tax-free withdrawals
Stop by one of our convenient locations to get started today!
Young beautiful woman traveling by car in the mountains using smartphone at sunsetDid you know?
You can invest your Individual Retirement Account in a Certificate of Deposit or Savings Account!
Interested?
Stop by one of our convenient locations to open an IRA at Logan Bank and Trust today!
Happy single father having fun while dancing with his small daughter after moving into a new apartment. Copy space.Frequently Asked Questions
A Roth IRA is a type of Individual Retirement Account. This type of account allows you to pay income taxes on a smaller amount of money than other accounts since you only pay taxes on your contributions, not your earnings.
The main difference between the two involves when you pay taxes and when you are required to withdraw your funds. Here’s the lowdown:
Traditional IRA. This Individual Retirement Account allows you to make contributions to your account with pre-tax dollars. You can use this retirement account to lower your taxable income, and thus lower the amount you must pay in taxes. You don’t pay taxes on this account until you begin to make withdrawals at age 59 ½ or later. If you expect to be in a lower tax bracket after retirement, you’ll likely pay less in taxes with this type of retirement account. Be aware that you will pay penalties on any early withdrawals.
Roth IRA. Roth IRA contributions are made with after-tax dollars. This means it does not lower your taxable income. The advantage is that your earnings grow tax-free, and your withdrawals are made tax-free. Plus, you won’t have to pay taxes on this money when you retire. You will be penalized for early withdrawals, so it’s best to wait until you’re 59 ½ to start pulling out the money.
A 401(k) is a retirement savings and investment fund offered only through employers, but accounts such as an IRA can be opened outside of your place of employment.
IRA contribution limits vary depending on age and tax filing status. Check with your tax accountant for eligibility and maximum contribution amounts.
Opening an Individual Retirement Account is easy. Simply stop by a branch or give us a call.