Individual Retirement Account | American National Bank
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Individual
Retirement Account

Invest in your future. Save funds for retirement with an Individual Retirement Account (IRA).

Plan for Retirement

Traditional IRA

Allows you to save for retirement and gain tax advantages

  • Contributions may be fully or partly deductible
  • Funds are generally not taxed until distribution
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Roth IRA

A retirement savings with tax and penalty-free withdrawals

  • The money you save in a Roth IRA is already taxed - meaning you can withdraw your money tax-free at retirement
  • Roth IRAs can be invested in virtually anything you want (index funds, individual stocks, etc.)
  • If you are under 59½, you can withdraw up to $10,000 of Roth earnings penalty-free to pay for qualified first-time home-buyer expenses, provided at least five tax years have passed since your initial contribution
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SEP IRA

A Simplified Employee Pension Plan provides employers a simple way to contribute toward their employees' retirement

  • Contributions are made directly to employees' IRA
  • Higher contribution limit than a traditional or Roth IRA
  • Contributions are tax-deductible for businesses
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Simple IRA

An employer-sponsored retirement plan offered within small businesses that have 100 or fewer employees

  • Gives small employers an easy way to contribute to their employees' and their own retirement
  • A less expensive and less complicated alternative to a 401(k) plan
  • Contributions are made directly to an IRA set up for each employee
  • Allows employees to make salary reduction contributions and the employer to make matching or non-elective contributions
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Traditional IRA

A Traditional IRA is a way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed. Please consult a tax advisor.

Compare Traditional and Roth IRAs

Roth IRA

The Roth IRA was created to by the Tax Payer Relief Act of 1997. Contributions you make now are NOT tax-deductible, but can be withdrawn tax and penalty free at any time. Earnings can be withdrawn tax and penalty free for certain reasons after five tax years and 59.5 years of age. Please consult a tax advisor.

Roth IRA Calculator

Simplified Employee Pension (SEP) IRA

A SEP is a Simplified Employee Pension plan. A SEP provides employers a simplified method to make contributions toward their employees’ retirement and their own retirement. Contributions are made directly to an IRA set up for each employee.

Simple IRA

A SIMPLE IRA plan is a Savings Incentive Match Plan for Employees. It gives small employers a simplified method to make contributions toward their employees’ retirement and their own retirement. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching or nonelective contributions. All contributions are made directly to an IRA set up for each employee.