Start Saving For Your Retirement
Am I saving enough for my retirement? Can I retire when I want? How long is my retirement going to last? If you don’t know the answers to these questions, we can help. Iowa State Bank offers a wide range of retirement accounts to help our customers when they retire. Please contact us to learn more about your retirement account options.
Your Retirement Account Options
Account Type | What You Need to Know About This Account* |
|---|---|
Traditional IRA | Great way to support a personal retirement plan. Persons of any age may be eligible to contribute Earnings grow tax-deferred. Annual contributions may be tax-deductible. |
Roth IRA | Powerful combination of retirement savings tax benefits. Persons of any age are eligible if they meet certain income criteria. Contributions are not tax-deductible. Earnings grow tax-free. No tax or penalties on qualified withdrawals. |
SEP Account | Low-cost alternative for retirement savings. Self-employed or small business owners are eligible to establish a SEP for themselves and their employees. Contributions and earnings grow tax-deferred until withdrawn. |
Simple IRA | Ideal for small employers who do not currently sponsor a retirement plan. Easy to set up and low administrative costs. Employees and employers are eligible to make contributions for employees. |
Coverdell Education Savings Account | Tax-free way to save for a child’s educational expenses. Funds can be used for qualified expenses related to elementary, secondary and college education. Contributions are not tax-deductible. No tax or penalties on qualified withdrawals. |
*Please consult your tax advisor
