IRA plans at Decorah Bank

Individual Retirement Accounts (IRAS)

Retirement Investing Options Designed To Make Your Future Goals A Reality

Decorah Bank & Trust believes that it’s never too early to start preparing for retirement. When investing for retirement, there are many financial services and products you can use to grow your wealth.

If you have a 401k plan, there are contribution limits on the yearly amount you can contribute to your plan. If you have reached your maximum 401k contribution at work or are looking to maximize your savings for retirement, individual retirement accounts (IRAs) are an ideal way to supplement your retirement savings. At Decorah Bank & Trust, we offer both Traditional IRAs and Roth IRAs as part of our wide array of financial services.

Contact a Personal Banker

Decorah Bank & Trust IRA Plans

An IRA is a great tool in personal wealth management when deciding to start investing for retirement. Unlike a 401K plan run by an employer, an IRA plan is managed by you, giving you options and flexibility in how your individual retirement account works within your unique financial portfolio.

IRAs work much like a 401k plan in that it is a plan to increase your savings. Here at Decorah Bank & Trust, we offer two types of IRA accounts that our customers can utilize as part of their retirement planning.

Traditional IRA

A Traditional IRA is an excellent tax-advantaged account to use to start planning for retirement. The money you invest into a traditional retirement plan is tax-deferred, meaning you do not pay taxes on the money you initially invest into the retirement fund.

One advantage is that it allows you to put more money into the account initially, possibly resulting in more financial gain. When you reach retirement age, you pay income tax on the money you withdraw.

Contact A Personal Banker

Roth IRA

A Roth IRA builds wealth in the same way as a Traditional IRA. With a Roth plan, you pay income taxes on the total contributions you invest rather than on the funds you withdraw. This allows less money to go into the account for investment but offers income tax-free withdrawals at retirement.

One advantage is that it may prevent accounts with high balances from being taxed at significantly higher income rates in the future.

Contact A Personal Banker

Comprehensive Financial Products & Services

Decorah Bank & Trust offers other great methods to save for retirement. One of our knowledgeable personal bankers can speak with you about finding the best types of savings account options for your unique needs and goals For customers wishing to grow their wealth based on interest rates, our comprehensive banking services offer high-interest savings accounts and certificates of deposit (CDs). No matter your and your family’s financial needs and goals, we’re here to provide the personalized, high-quality banking services and support you deserve.