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IRA

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Have you saved enough to retire comfortably?  Saving for retirement is essential and requires commitment and long term planning. An Individual Retirement Account (IRA) from Reliance State Bank is a secure investment option that can help you save toward your retirement goals.  IRAs can also provide tax advantages.  Please contact the bank with any questions you have and to learn more.  Start saving now for your future.

Traditional IRA

  • Earnings are tax deferred until withdrawn
  • 2017 - Maximum annual contributions of $5,500 or 100% of earned income, whichever is less
  • Annual catch-up contribution of $1,000 for ages 50 years and above
  • Contributions may be tax deductible*
  • Created for individuals who do not participate in employer-sponsored retirement plans
  • Certain individuals who do participate in employer-sponsored retirement plans may still qualify
  • Mandatory minimum distributions begin at age 70 and a half

*Contact your tax professional regarding deductibility 
Annual IRA fee may apply.

Roth

  • Offers after-tax contributions and tax-free growth*
  • 2017 - Maximum annual contributions of $5,500 or 100% of earned income, whichever is less
  • Annual catch-up contribution of $1,000 for ages 50 years and above
  • Withdraw money from your Roth IRA at any time without paying taxes up to the amount of your contributions**
  • Qualified withdrawals are not taxable
  • No mandatory minimum distributions at age 70 and a half

*Contact your tax professional regarding deductibility.
**If you take distributions within the first five years, you will receive a 10% penalty on the distribution amount.
Annual IRA fee may apply.

Stop by one of our branches to open an IRA today.

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