Individual Retirement Account
Secure Your Future With An Individual Retirement Account
Is an IRA Right For You? Take our BSL One-Minute IRA Test and find out. Then call one of our customer service representatives today at 218.829.5183 or toll-free at 800.430.5183.
You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With an Individual Retirement Account, you may also be able to defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
If You’re Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.
You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call at 218.829.5183 or toll-free at 800.430.5183.
The type of retirement plans offered by BSL include:
- Traditional IRA – A Traditional IRA is an individual retirement arrangement that allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.
- Roth IRA – A Roth IRA is an individual retirement arrangement named for the late Senate Finance Committee Chairman William Roth, Jr. This type of IRA offers different tax incentives than a Traditional IRA to boost your retirement savings.
Investment accounts available at BSL are:
- Savings accounts for short term investing.
- Certificate of Deposit (CD) at competitive interest rates.
- 18-month term.
– Deposits are allowed.
– Early withdrawal penalty on all withdrawals of principal prior to maturity for investors under the age of 59 1/2.
- 18-month term.