Personal

IRAs

Save for your retirement years!

A CSB local expert will show you how.


Individual Retirement Accounts (IRAs) are a convenient way to provide income for your retirement years. Taxes on the earnings from your IRA are deferred until you begin withdrawing the money after age 59 1/2. You can count on a guaranteed rate of interest for a specified time when you invest your IRA in a certificate of deposit at CSB. Select from variable or fixed rates with a wide choice of terms. All term accounts renew automatically at rates being paid at that time. There may be a substantial penalty for early withdrawal.

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Traditional IRA


A Traditional IRA allows you to deduct current year contributions from your taxable income. As the account earns interest, the gain is deferred from taxes. After age 59 ½, all distributions are subject to income tax without any additional penalty. At age 70 ½, individuals are required to take a minimum distribution from the account.


Rates

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A Roth IRA is funded with after-tax dollars, so it does not afford a current year tax deduction like a Traditional IRA. However, the gains in the account are deferred from taxes, and the distributions after age 59 ½ are tax free. Unlike the Traditional IRA, there are no required minimum distributions at age 70 ½.


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A Simplified Employee Pension (SEP) IRA is a traditional IRA for self-employed or owners of a small business. The company contributes funds into each individual’s account and employees are prohibited from adding their own contributions. The contribution limits are much higher than other IRA options allowing business owners to provide retirement savings for themselves and employees in a simple manner.


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