Individual Retirement Accounts
Retirement can be an opportunity to savor life’s simple pleasures or strike out and try something new. Investing with The Henry County Bank is straight forward and convenient. Simply putting a few dollars regularly into an IRA will allow for more financial freedom when retirement comes around. We offer IRA’s in the form of Certificates of Deposit. You pick the term that is right for you. An IRA can be started for as little as a $100.00 deposit.
A traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, depending on eligibility, contributions are tax deductible in the tax year for which you make them.
A Roth IRA gives retirement savers a different incentive-nontaxable distributions. Regular Roth IRA contributions are not tax deductible, so owners will not pay federal tax on distributions of these contributions. Under certain conditions, the earnings on Roth IRA contributions are also nontaxable when distributed. Therefore, if you expect to be in a higher tax bracket when you take distributions in retirement, for this and other reasons you may benefit more from a Roth IRA than from a traditional IRA.
*You can transfer or rollover your IRA invested elsewhere just by signing a few documents and leaving the rest of the paperwork to us. Please direct all IRA questions to our investment specialist at our South Perry Street branch 419-592-6700.