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IRAs

        

IRAs are INDIVIDUAL RETIREMENT ACCOUNTS. IRAs are personal savings plans that provide income tax advantages to individuals saving money for retirement purposes.

Whether you are thinking about moving your retirement funds from an employer plan or simply planning for your retirement, Success Bank can offer you secure ways to invest your savings. Stop in today and talk with our IRA specialist, Stacie.

Let Success Bank help you start planning for your retirement. We offer Traditional, Roth and Educational IRAs with no set-up or annual fees. All of these IRAs offer different types of tax advantages.

Traditional IRA

  • Any earnings grow tax-deferred until withdrawn after age 59½ at which time they are taxed at your current rate.
  • Contributions and earnings can be withdrawn penalty-free after age 59½.
  • Contributions may be tax deductible

Roth IRA

  • Any earnings are tax-free if withdrawn after age 59½ and the account has been open five years or more
  • Contributions (not earnings) can be withdrawn tax and penalty-free at any time
  • Contributions are not tax deductible

Coverdell Education Savings

  • Earnings grow tax-free for children under the age of 30
  • Withdrawals are tax-free when used for qualified education expenses
  • Contributions are not tax deductible

Health Savings Account

A Health Savings Account is an account combined with a qualifying high-deductible health insurance plan.

  • Contributions may be tax-deductible
  • You can pay for qualified medical expenses with tax-free withdrawals
  • HSAs have no "use it or lose it" requirements and it stays with you if you change jobs or retire.