Individual Retirement Accounts

retirement account image

Secure Your Future with an Individual Retirement Account

Is an IRA Right For You? Take our Greenville Federal One-Minute IRA Test and find out. Or, call one of our customer service representatives at 937-548-4158 to find out if an IRA is right for you.

You can save on your present taxes with an Individual Retirement Account by deducting your qualified contributions from your taxable income. Most Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With an Individual Retirement Account, You also defer taxes by putting them off until you retire, when you may be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review your particular situation on the tax deductible status of an IRA. Or for more general information, you can speak to one our IRA specialists. But, regardless of the amount you’ll be able to save now on taxes an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart:

IRA

Deductible

Contribution

Amount

15 %

Tax

Bracket

Savings

28 %

Tax

Bracket

Savings

31 %

Tax

Bracket

Savings

36 %

Tax

Bracket

Savings

39.6 %

Tax

Bracket

Savings

$ 500 $ 75 $ 140 $ 155 $ 180 $ 198
$ 1,000 $ 150 $ 280 $ 310 $ 360 $ 396
$ 2,000 $ 300 $ 560 $ 620 $ 720 $ 792
$ 2,250 $ 337 $ 630 $ 697 $ 810 $ 891
$ 4,000 $ 600 $ 1,120 $ 1,240 $ 1,440 $ 1,584

If you’re changing employers, an IRA rollover makes sense.

If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call.