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Individual Retirement Accounts (IRAs)

 

IRAs

An IRA (individual retirement account) is a safe and secure means for establishing retirement savings.  At the Kaw Valley State Bank we offer several different types of IRAs and depending on the type you choose, your contributions may be tax deductible and can grow either tax deferred or tax-free.  After you have reached the age of 50, you can make additional contributions to your IRA.  Plus, an IRA is more flexible than a 401(k) and other retirement plans because you can invest it in almost whatever you want, from stocks and mutual funds to bonds and real estate.  Contact your local Kaw Valley State Bank IRA specialist to learn more.

Educational

Coverdell Education Savings Account  (formerly an Education IRA) is a very attractive college savings vehicle for many people, including families that wish to save for elementary and secondary school expenses. ESAs allow you to make an annual non-deductible contribution to a specially designated investment trust account. Your account will grow free of federal income taxes, and if all goes well, withdrawals from the account will be completely tax-free as well. There are certain eligibility requirements in the year you wish to contribute to the ESA.  To understand each criteria for your ESA, contact your local Kaw Valley State Bank customer service representative.

SEP

Simplified employee pension (SEP) plans or SEP/IRAs are pension plans intended specifically for self-employed persons and small businesses. Created by Congress and monitored by the Internal Revenue Service, SEPs are designed to give small business owners and employees the same ability to set aside money for retirement as traditional large corporate pension funds. SEP plans are available to all types of business entities, including proprietorships, partnerships, and corporations.   Like other tax-deferred retirement plans, SEPs provide a tax break for employers and a valuable benefit for employees.  Contact us for all of the requirements.

Traditional

Each type of IRA that we offer has distinct advantages.  The best provision of a Traditional IRA is that the contributions may be fully tax deductible if you are not an active participant in another retirement plan.  Your earnings are also tax deferred until withdrawl.  There are no penalties for early withdrawl if certain criteria are met.

Contact us to find out more.

Roth

Establishing a Kaw Valley State Bank Roth IRAs qualifies you for some key advantages:

  • Direct contributions to a Roth IRA may be withdrawn with no tax or penalty when specific conditions are reached.

  • Fewer withdrawal restrictions and requirements
  • Contributions allowed after age 70

Check with us to see if you would benefit from transferring your current IRA or CD into a Roth IRA.

 

(Be sure to consult your tax advisor for specific information on tax requirements.)