Stone Bank IRA's
With a Stone Bank IRA (Individual Retirement Account), you can increase funds for retirement faster than with a traditional savings account.
Many plans are tax-advantaged which means more money stays where you want it – in your wallet.
IRAs Offered By Stone Bank
TRADITIONAL
A tax-advantaged personal savings plan where contributions may be tax deductible*.
Your filing status and income will determine whether your contributions are fully or partially deductible.
Generally, amounts in your Traditional IRA (including earnings and gains) are not taxed until you take a distribution (withdrawal) from your IRA.
Traditional IRA withdrawals can begin at age 59 ½, and mandatory withdrawals begin at age 73. No income restrictions for contribution eligibility. May be tax deductible, depending on income or access to work-related retirement accounts such as a 401(k). Required minimum distributions must begin by April 1 following the year in which you turn 73.
ROTH
A tax-advantaged personal savings plan where contributions are NOT tax deductible but qualified distributions may be tax-free.
Principal contributions can be withdrawn without penalty, though certain exceptions may apply.
Roth IRA withdrawals can begin at age 59 ½ and there is no mandatory distribution age. Funded with after-tax contributions. withdrawals are tax and penalty free if the 5-year waiting period has been met and you are age 59½ or older. Contributions are not tax deductible and may be limited based on filing status and adjusted gross income; please refer to IRS Publication 590-A for specific details. Contributions received between January 1 and tax filing due date, generally April 15, must indicate the year the contribution should be applied. The IRS allows you to make a contribution in the current year and apply it to the prior year if the contribution is made by the tax filing due date (generally April 15), not including extensions. Your Stone Bank account must be established by April 15 for contributions to apply to a prior year. must be age 18 or older to open an IRA with Stone Bank. No required minimum distributions
*NOTE – The account must be designated as a Roth IRA when it is set up.
SIMPLIFIED EMPLOYEE PENSION (SEP)
A plan set up by an employer, contributions are made by the employer directly to an IRA set up for each employee.
Available to any sized business with no filing requirement for the employer.
Employees are100% vested in (or has ownership of) all SEP-IRA money.
Contributions may be made until the company’s tax return due date, plus extensions.
BENEFICIARY
An account that is opened when an individual inherits an IRA or employer-sponsored retirement plan after the original owner dies.
Beneficiaries of a retirement account or Traditional IRA must include in their gross income any taxable distributions they receive.
For more details, visit your nearest Stone Bank branch or leave us a brief message and a Boulder Banker will contact you during regular business hours.
*This information is for general education purposes only. Please consult a tax advisor. Interest on Savings Accounts and IRAs is compounded quarterly. Certificates of Deposit are compounded monthly. Rates are subject to change. IRAs may be subject to IRS 10% penalty for withdrawals before the age of 59½. An automatic investment plan does not ensure a profit or protect against a loss.