Individual Retirement Accounts (IRA)
Plan for the future with financial confidence.
Retiring comfortably may require more planning than simply relying upon a company retirement plan or your future Social Security benefits. Our team at Bank of Sun Prairie will help round out your savings with an IRA to fit your retirement needs. 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 1/2. The contribution limit is either the maximum allowable limit for the year or 100% of your compensation, whichever amount is lower.
- Roth IRA: These are non-deductible accounts which feature tax-free withdrawals for qualified reasons after a five-year period. There is no age restriction for 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Remember: IRA investments are subject to interest penalties for amounts withdrawn prior to maturity.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 on the IRA options we offer for personal savings, contact Bank of Sun Prairie at 608-837-4511.