Prepare For Your Retirement With a Verimore Bank IRA
The IRA Account Your Family Can Depend On
Verimore Bank is right beside you as you experience life’s most important moments. This includes preparing for your financial future and enjoying retirement to the fullest. One way to ensure a thriving future is through Verimore Bank’s premier IRA accounts.
Our individual retirement accounts (IRAs) are your best bet when looking for a range of options for Kansas City area residents, whether you’re just starting to think about retirement, or you’re considering your next smart investment. With competitive interest rates and terms from three to 60 months, we offer IRAs customized to your specific needs.
What Is an IRA Account?
An IRA is a type of savings account that allows you to contribute and invest a fixed amount of money per year. An IRA is an option to put aside money for retirement, while enjoying tax advantages and the benefits of growth based on investment performance.
The two most widely used IRA options are the traditional and Roth IRA. Our customers often ask the difference between these two accounts to ensure they’ve chosen the one that best suits their current and future needs. Verimore Bank can help you select the best IRA account for your finances, so you can get the most out of your savings and investments down the road.
The Traditional IRA Versus the Roth IRA In 5 Fast Facts
These five points will help you understand the difference between these two IRA accounts, so you can select what works best for your finances:
1. The primary difference between the traditional and the Roth IRA is when you pay taxes on your investment.
2. The Roth IRA is taxed when you make your contribution, so you won’t have to pay taxes when you withdraw. Traditional IRA contributions are not taxed until you withdraw the funds.
3. If you believe your tax rate will be higher in retirement, it is more cost-effective to pay the taxes now with a Roth IRA.
4. You can make an early withdrawal of your contributions to a Roth IRA and pay 10% of any compounding gains from investments. A traditional IRA penalizes you 10% for any early withdrawal.
5. If you exceed an income threshold individually or with a spouse, you are only eligible for a traditional IRA. This income threshold changes year to year, as does the maximum amount that you can contribute per year.
No matter what works for your financial life, an IRA account with Verimore Bank is an exceptional solution to save for retirement, while seeing your investment grow. Find out about your best IRA account options by scheduling an appointment at your nearest branch.
Verimore Bank Meets All Your Personal Banking Needs
Whether you’re seeking an IRA account now, you’re trying to determine whether a traditional or Roth IRA is the right option, or you’re exploring any other financial solution, Verimore Bank is here to help. We provide the guidance, expertise, and products and services that help you thrive. With Verimore Bank’s help, you can meet today’s challenges, enjoy life’s beautiful moments, and secure your future in retirement.
Meet With Our Banking Team Today
Our branches in North Kansas City, Kearney, Eagleville, Milan, and Brookfield are right in your community, so you’ll always have a local banker at your disposal, whenever you need us. Verimore Bank was founded to ensure that everyone in our community could have access to good old-fashioned customer service and a community feel, while receiving the services and benefits that national banks are known for providing.