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. Start saving now for your future. Please contact us with any questions you may have, or for more information.
Traditional IRA
- Earnings are tax deferred until withdrawn
- For 2023, the annual contribution limit is $6,500 ($7,500 if age 50 or older)
- 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 72
*Contact your tax professional regarding deductibility
Roth IRA
- Offers after-tax contributions and tax-free growth*
- For 2023, the annual contribution limit is ($7,500 if age 50 or older)
- 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
*Contact your tax professional regarding Tax deductibility.
**If you take distributions within the first five years, you will receive a 10% penalty on the distribution amount. Please contact us for additional details.
Stop by one of our branches to open an IRA today.