Individual Retirement Accounts (IRAs)
It's never too early or too late to save for retirement. An IRA from Wilson Bank & Trust offers the possibility of immediate tax relief,* while a Roth IRA has the potential for the most tax benefits once you retire.
Choose the best option for you and achieve your retirement goals. Whether that means relaxing on the front porch every afternoon or traveling to exotic locations is entirely up to you.
- Start saving for retirement today
- Tax-advantaged retirement savings*
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- $500 minimum deposit to open (funded through CD)
- Federally insured by FDIC up to $250,000
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 1/2
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 1/2
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59 1/2
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.