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Farmers State Bank
INDIVIDUAL RETIREMENT ACCOUNTS
It's
never too early to start saving for retirement...
Choose from:
- the Traditional IRA - A Traditional
IRA allows all earnings to accumulate tax-deferred and,
depending on your income and whether you are covered by a retirement
plan at work, contributions may also be tax-deductible. Annual
contributions are limited to the lesser of $4,000 or 100% of
earned
income, each year. If over 50, that amount
is increased to $4,500.
- the Roth IRA - A Roth IRA is another
tax-deferred retirement account for wage-earning individuals.
Contributions to a Roth IRA do not qualify for an upfront tax
deduction. If certain income requirements are met, a Roth IRA
allows the earnings on your contributions to accumulate and
be
withdrawn tax-free. Annual contributions are limited to the lesser
of $4,000 or 100% of earned income. If over 50, that amount
is increased to $4,500.
Contact a Farmers State Bank representative at
(888) 879-2183 or email
us for more detailed information on each type of IRA.
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