Individual Retirement Account

Individual Retirement Account (IRA)

Plan your future by investing today. IRAs are personal plans that provide income tax advantages for retirement savings.

Benefits of an IRA at First National Bank of Moose Lake

  •  No maintenance fees, increase your savings.
  •  Stable, secure and FDIC insured investment for safety.
  •   IRA Specialists are on site to answer questions or concerns face-to-face, not over the phone.
  •   Individual plans can be created for your unique needs.
  •   Set up an auto-transfer deposit to make your IRA savings painless.

 

 

Types of IRAs available at First National Bank of Moose Lake:

 

 

Traditional IRA

  • May make annual contributions
  • Contributions may be tax deductible**
  • Interest earned on IRA is not taxed until the funds are withdrawn**
  • IRA CD term of 18 month 

Roth IRA

  • May make annual contributions
  • Contributions may be withdrawn tax-free, and IRS penalty free after age 59 ½ or for specific life events, see your tax specialist for more information **
  • Contributions are not tax deductible**
  • IRA CD term of 18 months    

SEP Plans (Simplified Employee Pension)

  • Employer makes total contribution on the employee’s behalf
  • Employees have immediate access to the contribution 
  • IRA CD term of 18 months

 

**Please consult with your tax advisor to determine possible tax deductions or IRS penalties that may occur.

For rate information click here, to learn more, please contact us today at 218-485-4441.