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Individual retirement accounts

Whether or not you are currently participating in an employer-sponsored retirement plan, you may want to supplement your retirement savings through a self-funded plan as well. Choose the Individual Retirement Account (IRA) option that is right for you.


TRADITIONAL IRA


Contributions to a traditional IRA can help retirement savings balances grow faster since future earnings reinvest on a tax-deferred basis.

  • For qualifying taxpayers, the contributions themselves may be tax-deductible in the year they are made*
  • Tax-deferred contributions of earned income may be made up until the age of 70½
  • Contributions may be made up until April 15th for the previous year
  • Contribution limits vary from year to year, so check with your advisor regarding the current limit
  • Taxpayers who are at least 50 years old have the option of making additional "catch-up" contributions
  • Minimum distribution requirements take effect at age 70½
  • Withdrawals of tax-deferred funds after age 59½ are subject to treatment as ordinary income
  • Contact a personal banker at 877-866-0202
*Seek the counsel of a tax advisor before making a contribution to any retirement account to ensure it's right for your circumstances.

ROTH IRA


For those who would rather pay their taxes now than later, a Roth IRA offers an opportunity to contribute after-tax dollars today, so that balances may accumulate and grow tax-free until they are withdrawn.

  • Contributions are made with after-tax dollars, so there is no deduction for contributions made to these accounts
  • Upon withdrawal in retirement, distributions will occur free of federal taxes—if the account has been open at least 5 years and the account holder is at least 59½
  • There are no minimum distribution requirements
  • Contributions may still be allowable for those still working at or beyond age 70½
  • Contact a personal banker at 877-866-0202

401(k) rollovers

Find a better home for your old 401(k) plan(s).

DIRECT ROLLOVER IRA


When you move on, don’t leave your 401(k) savings behind. Roll it over to an Old Second Direct Rollover IRA account.

  • Avoid tax penalties by rolling funds directly into a Rollover IRA from your employer account or from an IRA you held at another financial institution
  • Access the same flexible investment options you have for new IRA contributions
  • Meet with a wealth management advisor who can answer your questions and help streamline the process
  • Contact a personal banker at 877-866-0202