Sr. Vice President
It may not feel like it now, but Spring is quickly approaching. Flowers will be blooming, fresh air will be flowing through open windows, and birds will be singing while preparing their nests. When I think of saving for retirement, I think of that bird building its nest to prepare and protect its eggs.
HomeTown Bank is ready to help you nurture your nest eggs in the form of an Individual Retirement Account (IRA).
HomeTown Bank, N.A. offers both Traditional and Roth IRAs. Traditional IRAs allow you to defer taxes on the earnings on your contributions until they are withdrawn.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. The annual contribution limit for 2019 is $6,000, or $7,000 if you’re age 50 or older.
Regular Roth IRA contributions are not tax deductible, so owners will not pay federal taxes on distributions of these contributions. Under certain conditions, the earnings on Roth IRA contributions are also nontaxable when distributed. The contribution limits are the same as a Traditional IRA, however, there may be limits depending on your filing status and income.
For more details, please stop by any of our locations to discuss your retirement savings needs.