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Online Banking

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IRA Solutions

One of the most effective ways to accumulate retirement savings is to open and contribute to an Individual Retirement Account (IRA). IRAs are simple to open and offer tax-deferred growth and other unique advantages to retirement planning. Liberty Bank offers several IRA options:

Traditional IRA

  • Investment earnings grow tax deferred until you withdraw funds from the account
  • Your age, income, and tax filing status (joint or single) determine how much you can contribute annually
  • Contributions may be tax-deductible depending on your filing status, modified adjusted gross income, and participation in employer-sponsored plans
  • May be opened by anyone who is not 70 1/2 years old by the end of the current year with taxable earnings or a spouse (if you file a joint return) with earned income

Roth IRA

  • Contributions are made after-tax rather than pre-tax, but earnings are tax-free if you meet certain conditions
  • Your modified adjusted gross income and tax filing status determine if and how much you can contribute

SEP IRA

  • Designed for the needs of small business owners, this IRA offers the benefit of tax- deferred earnings for the employee and tax- deductible contributions for the company

 

Click here for more information on annuities.