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Retirement Plans


No matter what your age, retirement is an important consideration. Citizens State Bank will work with you to help select an IRA account that will meet your needs.
  • Separately insured up to $250,000 by the FDIC
  • Fixed and variable terms available to meet your investment needs
Listed below are the types of IRA's that we offer.
 
Traditional IRA's
  • Provides tax deferred financial security for your future
  • Individuals who are under age 70 ½ and have earned income may contribute
  • No required minimum distribution until you reach 70 ½
  • You can withdraw funds from your IRA any time after you reach 59 ½ without a 10% penalty
  • The annual contribution limit is $5,000; additional $1,000 catch up contribution for individuals over age 50
 

Roth IRA's

  • The Roth IRA gives investors tax free earnings and penalty free withdrawals after five years and after having reached age 59 ½.
  • The annual contribution limit is $5,000; additional catch up contribution of $1,000 for individuals over age 50
  • As long as you have earned income, you can establish and contribute to a Roth IRA
  • No age restriction
 

Simple IRA's

A SIMPLE IRA Plan (Savings Incentive Match Plan for Employees) is an employer-sponsored retirement plan who employs 100 or fewer employees on any day during the year who earned $5,000 or more in compensation from the employer during the year.
Five attractive reasons to have an SIMPLE IRA Plan:
  • Am employee can defer current income taxation by making elective deferrals;
  • An employer is allowed to deduct the cost of these elective deferrals;
  • Interest earned is tax deferred;
  • Current IRA rules may limit deductibility for Traditional IRA contributions; and
  • SIMPLES have relatively few government reporting requirements, and therefore, lowers administrative costs.
 

SEP Plans

A SEP Plan (Simplified Employee Pension Plan) is an employer-sponsored retirement plan which is an excellent choice for a self-employed individual.  Contributions are made directly to a Traditional Individual Retirement Account (IRA) for each participating employee.  This plan eliminates lengthy and detailed government reporting, numerous non-discrimination tests, and complicated and restrictive contribution formulas associated with other retirement plans. 





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