IRA Accounts

IRA Accounts - Debbie Hardy, IRA RepresentativeThe Napoleon State Bank offers two types of Individual Retirement Accounts (IRA). These accounts provide either a tax-deferred or tax-free way to help save for your retirement.

Traditional IRA

This account allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.

Roth IRA

This account is a nondeductible account that features tax free withdrawals for certain distribution reasons after a five year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a traditional IRA.

To learn more about these accounts you can call to speak with our Account Specialist at 812-852-4002.

Information About Procedures for Opening a New Account