Individual Retirement Accounts (IRAs)

from BCBank, Inc. Help You Prepare

Plan Ahead for Your Retirement Years by Putting Money in an IRA

If you are like most individuals, you work hard every day. Each day of work gets you one day closer to your goal of retirement. What are your retirement goals? With an Individual Retirement Account (IRA) from BCBank, Inc., you can begin planning today to help you achieve your goals. We offer Traditional and Roth IRAs. Our IRAs are available as certificates of deposits (CDs), with various terms available. Call us today for our great rates on Individual Retirement Accounts (IRAs) at: (304) 457-3300 or contact us online.

Traditional IRA

The Traditional IRA allows you to make contributions to your account with pretax dollars. Use this IRA to lower your taxable income, which can reduce the amount you have to pay in taxes. Any individual under the age of 70½ who has earned income may contribute to a Traditional IRA, and may make annual contributions up to the maximum IRA limits set by the IRS. Your earnings grow tax-deferred until withdrawal. Distributions, or withdrawals, are permitted any time after the age of 59½. These must begin no later than April 1st following the year in which the IRA owner reaches the age of 70½

Roth IRA

Roth IRA contributions are made with after-tax dollars, which means it does not lower your taxable income. An individual with earned income, regardless of age, may contribute up to the maximum IRA limits set by the IRS. The advantage to a Roth IRA is that your earnings grow tax-free, and your withdraws are tax-free. Plus, you will not have to pay taxes on this money when you retire. Regular contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59 ½ or older.

Uses and Benefits of an IRA from BCBank, Inc.

An IRA from BCBank, Inc. gives working individuals an effective way to save for retirement. Depending on income level, marital status, and whether you participate in an employer-sponsored retirement plan, contributions may be fully or partially tax deductible. Interest earned is tax deferred. Federal income tax is not paid on earnings until withdrawn from the IRA. IRAs are a great way to supplement Social Security income after retirement. Tax-deferred investments grow faster than investments made without this benefit. Speak with us today about your retirement goals and let BCBank show you how the right IRA may be the perfect vehicle to reach retirement with assurance.

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