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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.


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 at any age
  • 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 72**
  • Withdrawals of tax-deferred funds after age 59 1/2* are subject to treatment as ordinary income with some exceptions
  • 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. Withdrawals of tax-deferred funds after age 59 1/2 are subject to treatment as ordinary income, with some exceptions. Individuals born on or before 6/30/1949 are still required to begin taking Required Minimum Distributions (RMDs) at age 70½.  
**Contributions may still be allowable for those with earned income at or beyond age 72. 


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an opportunity to contribute after-tax dollars today, so that balances may accumulate and grow tax-free until they are withdrawn.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 59 1/2*
  • There are no minimum distribution requirements
  • Contributions may still be allowable for those still working at or beyond age 72
  • Contact a personal banker at 877-866-0202

401(k) rollovers

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


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