United Farmers State Bank offers Traditional and Roth Individual Retirement Accounts (IRAs). Customers have peace of mind when investing retirement funds in one of the Bank’s IRA products. Your investment is secure and each depositor insured to at least $250,000.
IRAs are one of the most viable tools to ensure a secure retirement. Traditional IRAs offer independence – they can be opened and funded without any employer participation, immediate tax benefits – with contributions and earnings tax-deferred until retirement, accessibility – with assets always available, and flexibility – IRA owners choose their contribution amount (within limits).
Roth IRAs can provide you with tax-free income during your retirement. Money deposited into the Roth IRA is taxed; your money later withdrawn, which may potentially include significant amounts of earnings, is tax-free if you follow certain requirements. There is no 70 1/2 age limit on making contributions. You must have earned income equal to the amount you contribute and your modified adjusted gross income must be below a certain amount. There are no required minimum distributions for Roth IRAs. Your dollars can continue to grow until you need them.