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Individual Retirement Accounts (IRA)

Plan for the future with financial confidence.

IRAs Retirement Accounts

Retiring comfortably can take more than just a company plan or Social Security. We’ll help round out your savings with an IRA that’s right for you. On its own or part of a comprehensive retirement strategy, you won’t find a smarter way to invest for your future.

  • Traditional IRA: Available to anyone under the age of 70.5. The contribution limit is the lesser of the maximum allowable limit for the year or one-hundred percent of compensation.
  • Roth IRA: These are non-deductible accounts that feature tax-free withdrawals for qualified reasons after a five-year holding period. There are no age restrictions on Roth IRAs.
  • Coverdell Education Savings Account (CESA): Created specifically for educational expenses. Anyone, including corporations and organizations, can establish and/or contribute to a CESA on behalf of a child.

In some cases, special provisions can be made to IRA accounts, such as catch-up provisions, spousal contributions and prior-year contributions.

Remember: IRA investments are subject to interest penalties for amounts withdrawn prior to maturity. 

For more information, contact Bank of Sun Prairie at 608-837-4511.