Individual Retirement Account


Secure Your Future With An Individual Retirement Account

Tax advantaged savings* can help leverage your investment to reach your financial goals even more quickly. With an Individual Retirement Account, you may be eligible to take tax deductions on the funds you deposit or withdraw funds at retirement time tax-free. Whether you desire a traditional IRA or the new Roth IRA, we can help.

Peoples State Bank offers a no-hassle IRA program that works just like a Certificate of Deposit, only better. You can make additional deposits to your IRA during the year, up to the maximum amount allowed by government regulations for your account.

The maturity terms available are:ThinkstockPhotos-57571623

3 Months
6 Months
12 Months
18 Months
24 Months
36 Months
48 Months
60 Months

Is an IRA Right For You? Take our Peoples State Bank One-Minute IRA Test and find out. Then call one of our customer service representatives today at (386) 754-0002 to get started.

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 at which time 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.*

IRA Tax Savings Potential Chart:

IRA Deductible Contribution Amount 10 % Tax Bracket Savings 15 % Tax Bracket Savings 25 % Tax Bracket Savings 28 % Tax Bracket Savings 33 % Tax Bracket Savings 35% Tax Bracket Savings
$ 500 $ 50 $ 75 $ 125 $ 140 $ 165 $ 175
$ 1,000 $ 100 $ 150 $ 250 $ 280 $ 330 $ 350
$ 2,000 $ 200 $ 300 $ 500 $ 560 $ 660 $ 700
$ 2,250 $ 225 $ 338 $ 563 $ 630 $ 743 $ 788
$ 4,000 $ 400 $ 600 $ 1,000 $ 1,120 $ 1,320 $ 1,400

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 (386) 754-0002.


*: Please consult with your tax accountant or CPA firm to see how you can best take advantage of IRA accounts to minimize your taxes and whether your contributions may be deductible.