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Individual Retirement Accounts (IRAs)

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Looking to Save for Retirement?

An IRA is an Individual Retirement Account set up just for you. With an initial $50 deposit, you can open a Traditional IRA or Roth IRA. The IRA contribution limit is up to $7,000 a year, or up to $8,000 a year for individuals 50 years or older in 2024.

Always consult a tax advisor about the tax benefits of an IRA and which one is best for your financial situation.

 

 

 

 

What's the difference between a Traditional or Roth IRA?

Traditional IRA

A traditional IRA is a tax-advantaged personal savings account where contributions may be tax deductible.

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Roth IRA

A Roth IRA is a tax-advantaged personal savings account where contributions are not deductible but qualified distributions may be tax free.

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Frequently Asked Questions

  • The maximum contributions to an IRA are set by the IRS each year. Give us a call at (218)729-7733 or stop into any branch and we can help you find the current maximums allowed or visit the IRS website.

  • As long as you have earned income, you are able to start an individual retirement account. (Always consult a tax advisor)

  • No, an IRA is an Individual Retirement Account, therefore you are not able to add a joint owner. You are able to add beneficiary to the IRA if you choose.

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The sooner you begin investing for retirement, the more dividends and tax breaks you'll earn. Talk to us about your IRA options today.

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Rates

IRA Savings Rates

Rates effective as of: November 21, 2024

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