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Retirement Plans

Retirement Plans

Traditional IRAs

An Individual Retirement Account is an account which allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.


A ROTH IRA is a newer Individual Retirement Account where 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.

Maximum Annual Contributions for Traditional & ROTH IRAs
    2020 2021
Individual   $6,000.00 $6,000.00
Married/Spouse   $12,000.00 $12,000.00

"Catch-Up" Contributions for Traditional and ROTH

Workers 50 and older before the end of the taxable year can make up for lost time with additional IRA contributions over and above the maximums above:

For year 2020 and thereafter $1,000.00

Contribution Deadline

You can open or make contributions to your IRA anytime up to and including the due date of your tax return.

Rollovers and Transfers

Rollovers and Transfers offer opportunities to move your retirement assets to where you want them, while retaining their substantial tax advantages. Assets that can be moved or consolidated are qualified plans, tax-sheltered annuities, and IRAs.

SEP (Simplified Employer Pension)

SEP is a retirement plan established by an employer. Any employer, whether a corporation, partnership, or a self-employed individual, may establish a SEP, even if there are no other employees. Each year, the employer may contribute a certain percentage of each eligible employee's compensation directly to the employee's IRA. It is simple to establish and maintain with minimal administration costs.

SIMPLE IRA (Savings Incentive Match Plan for Employees)

The SIMPLE Plan provides a method for employees and employers together to set aside funds for retirement on a tax-preferred basis. These plans do not include the nondiscrimination testing and other administrative costs that may apply to 401(k) plans. They are available only to employers who have 100 or fewer employees.

Withdrawals from an IRA prior to age 59 1/2 may subject the participant to an income tax liability and federal tax penalty. Consult your tax advisor for advice.


Member FDIC

First National Bank and Trust Company
Phone: (608) 323.3331 — Fax: (608) 323.3110

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