IRAs

Grow your Retirement

Farmers Savings Bank offers individual retirement accounts (IRAs) that can help you save for your retirement.

IRA Account Options

Traditional IRA funds are always open and adaptable for your terms. There is no minimum contribution requirement. A traditional IRA can also be created and funded without any employer participation. You can easily withdrawal prior to retirement; however, you may be subject to an additional 10% IRA penalty. Save for your golden years on your terms, and open an IRA today.

Types of IRA’s

• Traditional IRA: Account holders, with an earned income, for the entire year are eligible to contribute to the account. Earnings grow tax-deferred. Annual contributions to account may be tax-deductible.
• Roth IRA: You are eligible to open this account at any age as long as you meet income requirement. Contributions are not tax deductible and earnings grow tax free. No tax or penalties on qualified withdrawals from the account.
• SEP Account: Low-cost alternative for retirement savings. Self-employed or small business owners are eligible to establish a SEP for themselves and their employers. Contributions and earnings grow tax-deferred until withdrawn.

IMPORTANT! Tax rules can be complicated. The information on this page is intended to serve as a general overview. Before making any decisions, you should speak with a qualified tax advisor.