IRAs

It’s never too early to save for retirement.  At TowneBank we are pleased to offer Traditional and Roth IRAs as well as SEP Plans.
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• Interest earned on IRA is not taxed until the funds are withdrawn+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 terms range from 7 days to 5 years
• Jumbo CD's are also available for over $250,000
Roth IRA
• May make annual contributions
• Contributions may be withdrawn tax-free, and IRS penalty free at any time for any reason+
• Contributions are not tax deductible+
• IRA CD terms range from 7 days to 5 years
• Jumbo CD's are also available for over $250,000
SEP Plan
SEP Plans (Simplified Employee Pension)
• Employer makes total contribution on the employee's behalf
• Employees have immediate access to the contribution
• IRA CD terms range from 7 days to 5 years
• Jumbo CD's are also available for over $250,000
Resources
  • Fundamentals of Retirement Planning
  • Maximize the Value of Your IRA
  • IRA or Roth IRA?
  • Can $5500 IRA Contributions Really Add Up?