INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)
FEATURED IRA ACCOUNT:
Boiling Springs Rollover IRA Account
Changing jobs or retiring? Let us help you make one of the most important decisions of your life. What will you do with your employer sponsored retirement funds?
Don't leave your retirement funds behind when you leave your job. Take control of your
finances and your future by requesting a Direct Rollover from your employer plan to a Boiling Springs
Rollover IRA Account. Only a Direct Rollover lets you move 100% of your savings. If you take cash or the rollover
yourself, you may pay 20% withholding. Ensure that you keep retirement investments tax-deferred and protected from taxes and penalties.
Our Rollover IRA Account provides convenient access to your money when you decide
to take a distribution and your funds are invested in an insured certificate of deposit.
Also remember that your IRA is insured separately from your other accounts up to $250,000.00.
Interest earnings are tax free until withdrawn and there are no IRS penalties for distributions made after age 59 1/2.
Moving your assets into a Rollover IRA will require some paperwork and contact with
your former employer. Let our trained staff assist you through the process and answer all
your questions. Call our IRA specialists today to insure a smooth transition and investment guidance.
Traditional IRA
Traditional IRAs allow you to enjoy tax deferred interest on your retirement savings.
- You may be able to deduct your total annual IRA contribution on your federal tax return.
- Interest earnings in your Traditional IRA are tax free until withdrawn from account.
- You can contribute if you are under the age of 70 1/2 and have earned income from employment.
- Contributions for a tax year may be made in the tax year, or up to your tax filing deadline for that tax year.
- Minimum required distributions must start at age 70 1/2.
- There are no IRS penalties for distributions made after age 59 1/2.
- Contact our IRA Department at 201-507-3257 for this year's IRA contribution limits
Roth IRA
The Roth IRA gives you the ability to invest your after-tax dollars today, let the
investment grow tax-deferred, and take qualifying withdrawals tax-free.
- Contributions to a Roth IRA are not deductible, but if the funds are distributed in a "qualified distribution," they are not subject to federal income tax.
- There is no age limit on making contributions. You only need to have earned income.
- Distributions are tax-free and IRS penalty-free for qualifying first-time homebuyers and those over age 59 1/2.
- There are no required minimum distributions at age 70 1/2. Your money can continue to grow until you need it.
- Contact our IRA Department at 201-507-3257 for this year's IRA contribution limits
Simplified Employee Pension (SEP)
With a SEP IRA the smallest businesses as well as sole proprietors can set up a retirement plan for their employees as well as themselves with very little hassle.
- Under a SEP-IRA plan, an employer can contribute to an employee's existing IRA. SEP contributions are tax-deductible by an employer and the earnings are tax deferred until withdrawn.
- SEP-IRAs are flexible for employers. An employer does not have to contribute every year.
- With a SEP you can avoid the administrative costs and most of the reporting requirements of qualified retirement plans.
- Contact our IRA Department at 201-507-3257 for this year's IRA contribution limits