Personal
IRAs
- Tab 1Individual Retirement Accounts
- Tab 2
Traditional IRA
- Tab 3
Roth IRA
- Tab 4
SEP IRA
- Tab 5
Brokerage
- Tab 6Rollovers and Transfers
Individual Retirement Accounts
Save for Your Future!
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 ½ . 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.
Traditional IRA
A Traditional IRA allows you to contribute pre-tax dollars to a retirement account where investments grow tax-deferred until withdrawal during retirement. A Traditional IRA may also allow you to deduct current year contributions from your taxable income. Upon retirement, withdrawals are taxed at your current income tax rate.
Quick Facts
- Plan is useful if, in retirement, it's expected you will be in a lower tax bracket
- There is no age limit when making contributions
- Required minimum distributions must start the year the IRA owner reaches 72 years of age
- Distributions are taxed as income in retirement
Roth IRA
A Roth IRA is funded with after-tax dollars, so it does not afford a current year tax deduction like a Traditional IRA. However, it offers tax-free growth and tax-free withdrawals in retirement.
Quick Facts
- Contributions are not tax deductible
- There is no age limit when making contributions
- There are no minimum distributions for Roth plans
- Distributions/withdrawals are tax-free in retirement
SEP IRA
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.
CSB Brokerage Services
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Rollovers and Transfers
What's the Difference?
Rollovers are distributions sent directedly to an IRA owner. These funds must be rolled over within 60 days of distribution but within those 60 days the owner can choose what to do with the funds. Because of this funds may be taxable unless moved to the same IRA type. Owners are only able to make this type of distribution once a year.
Transfers are funds sent from one IRA to another IRA directly. This type of distribution is not tax reportable because funds are sent directly to one IRA sponsor to another. For the transfer to be completed the funds have to be transferred to the same IRA Plan type. This type of distribution can be made as many times as the owner wishes in any given year.
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*CSB Wealth Management, Trust, and or brokerage products and services are; not insured by the FDIC; not a deposit or other obligation of, or guaranteed by, the depository institution; subject to investment risks, including possible loss of the principal amount invested.
