Individual Retirement Accounts (IRAs)
Plan Now.
Play Later.
It’s never too late to start saving for your future. Opening an IRA today helps pave the way for a secure, relaxed retirement.
See Accounts
Traditional IRA
Gain immediate tax benefits and reduce taxable income. Best for those who expect to be in a lower tax bracket upon retirement.
Roth IRA
Watch your earnings grow tax-free. Best suited for those who expect to be in a higher tax bracket upon retirement.
SIMPLE IRA
Designed for small businesses, this is a great way to offer a company retirement plan for your employees.
SEP IRA
Business owners may opt to fund a Simplified Employee Pension (SEP) IRA for their employees, or for themselves if self-employed.
Traditional IRA | Roth IRA | SIMPLE IRA | SEP IRA | |
|---|---|---|---|---|
| Contribution Limits | $7,000 ($8,000 if over age 50) | $7,000 ($8,000 if over age 50) | Employers must match employee contributions up to 3% or make non-elective contributions of 2%. | Employer contributions to a SEP IRA cannot exceed 25% of the employee’s annual compensation. |
| Tax Impact | Pre-tax contributions. Possible tax-deduction the year your contribution is made. Taxes paid upon withdrawal. | Contribute after-tax dollars. Earnings grow tax-free. Not tax-deductible. | Contributions are pre-tax dollars and grow tax-deferred until withdrawn. | Only the employer can make contributions, but they are pre-tax. Money in a SEP IRA then grows tax-deferred. |
| Withdrawals | Upon reaching 59 ½, individuals can withdraw without penalty from the IRS. Must start taking withdrawals at 72. | No requirements. Distributions are generally tax- and penalty-free after age 59 ½. | Upon reaching age 59 ½, individuals can withdraw without penalty from the IRS. | Upon reaching 59 ½, individuals can withdraw without penalty from the IRS. Must start taking withdrawals at 72. |
| Fees | Early withdrawals are subject to a 10% penalty tax and inclusion in gross income. | Early withdrawals are subject to a 10% penalty tax and inclusion in gross income. | Early withdrawals are subject to a 10% penalty tax (25% if done within two years of opening IRA). | Early withdrawals are subject to a 10% penalty tax. |
| Contribution Limits | $7,000 ($8,000 if over age 50) |
|---|---|
| Tax Impact | Pre-tax contributions. Possible tax-deduction the year your contribution is made. Taxes paid upon withdrawal. |
| Withdrawals | Upon reaching 59 ½, individuals can withdraw without penalty from the IRS. Must start taking withdrawals at 72. |
| Fees | Early withdrawals are subject to a 10% penalty tax and inclusion in gross income. |
| Contribution Limits | $7,000 ($8,000 if over age 50) |
|---|---|
| Tax Impact | Contribute after-tax dollars. Earnings grow tax-free. Not tax-deductible. |
| Withdrawals | No requirements. Distributions are generally tax- and penalty-free after age 59 ½. |
| Fees | Early withdrawals are subject to a 10% penalty tax and inclusion in gross income. |
| Contribution Limits | Employers must match employee contributions up to 3% or make non-elective contributions of 2%. |
|---|---|
| Tax Impact | Contributions are pre-tax dollars and grow tax-deferred until withdrawn. |
| Withdrawals | Upon reaching age 59 ½, individuals can withdraw without penalty from the IRS. |
| Fees | Early withdrawals are subject to a 10% penalty tax (25% if done within two years of opening IRA). |
| Contribution Limits | Employer contributions to a SEP IRA cannot exceed 25% of the employee’s annual compensation. |
|---|---|
| Tax Impact | Only the employer can make contributions, but they are pre-tax. Money in a SEP IRA then grows tax-deferred. |
| Withdrawals | Upon reaching 59 ½, individuals can withdraw without penalty from the IRS. Must start taking withdrawals at 72. |
| Fees | Early withdrawals are subject to a 10% penalty tax. |
Special IRA Options
Retirement looks a little different for all of us, and our needs can evolve over time. Contact our team to see if one of these special IRA options applies to you.
Beneficiary IRA: Also known as an Inherited IRA, this is an account established to hold assets inherited from a deceased person’s IRA or 401(k) plan.
Spousal IRA: Allows a working spouse to contribute on behalf of a non-working spouse with little or no income. Established as either a Roth or Traditional IRA.
Special IRA Options
Retirement looks a little different for all of us, and our needs can evolve over time. Contact our team to see if one of these special IRA options applies to you.
Beneficiary IRA: Also known as an Inherited IRA, this is an account established to hold assets inherited from a deceased person’s IRA or 401(k) plan.
Spousal IRA: Allows a working spouse to contribute on behalf of a non-working spouse with little or no income. Established as either a Roth or Traditional IRA.
IRA Questions?
We Have Answers.
Contact our team of experts in North Platte or Kearney to determine which IRA investment is right for you.
How to Fund Your IRA
Contributions
You can add funds each year. But there are contribution limits — speak with our experts to ensure eligibility and amounts.
Rollovers
Move money from other qualified retirement plans or accounts into one of our IRAs.
Transfers
Transfer an IRA from another financial institution. Contact one of our experts to get started.
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