INDIVIDUAL RETIREMENT ACCOUNT (IRA)
It's never too early to start saving for the future. Start building up your savings so you'll be financially prepared for your golden years with an interest bearing IRA from Mutual Bank.
An IRA can be the key to a happy, stress-free retirement. Set aside funds and earn a high interest rate while utilizing tax advantages to save money now.*
Many taxpayers are able to reduce their taxable income by deducting amounts contributed to an IRA, and interest earned is not taxed until it is withdrawn.
With an IRA, you can relax knowing your future looks bright.
- Summary
- Fixed or variable rates available
- Traditional, Roth, and Rollover IRAs available
- One annual fee with no hidden costs
- Contributions are tax deductible*
- Easy-to-read statements twice a year
- Direct Deposit available
- FDIC insured
- $100 to open
*Consult your tax advisor
- Roth IRAs
With a Roth IRA, you earn interest tax-free and pay no taxes when you access your funds at retirement.
When you invest in a Roth IRA, your deposits are not tax-deductible that year, but when you withdraw funds in your retirement years, the amount you take out won't be taxed, meaning every penny of interest you earned during that time was tax-free.
- Rollover IRAs
A Mutual Bank Rollover allows you to easily move the proceeds of your former employer's 401(K) or other sponsored plan into a safe, interest-bearing Mutual Bank Certificate of Deposit. You maintain the tax advantages and continue to earn interest while gaining peace of mind knowing that your principal is guaranteed against loss.
When you're ready to withdraw funds at retirement, we make it simple to set up a plan of distribution tailored to your individual needs.
- Diversification
Have you spoken to an investment advisor lately?
Many professional advisors recommend you diversify among several types of investments to maximize return and minimize risk. Many people invest in company 401(k) plans and direct those investments to mutual funds, which mostly contain stocks. While over the long term stocks may provide healthy returns, they are subject to market conditions and can fluctuate in value. That means increased risk to your money.
Play it Safe with IRAs
IRAs offer a sure and steady return, and the principal is always preserved. If your money is completely tied up in stocks, you may find that during a market decline, your retirement funds have declined as well. Don't take chances. A Mutual Bank IRA can serve as a stabilizing component within a retirement portfolio.
Don't gamble with your future.
As you get closer to retirement age, preservation of principal becomes more important than the possible higher returns on more speculative investments. If you're nearing retirement, a transfer or rollover of retirement funds to IRA certificates of deposit may be warranted.
