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General Questions: Call +1 410-835-8906
General Questions: Call +1 410-835-8906
Individual Retirement Accounts
Individual Retirement Accounts (IRAs) offer you an opportunity to improve your chances of a secure retirement. Farmers Bank of Willards offers several types of IRAs, all with the protection of FDIC insurance.
- Traditional IRA: If you are interested in deferring taxes while saving for retirement, this option is for you. Most contributions to this type of IRA are tax-deductible. Interest earned on a Traditional IRA is tax-free until the money is withdrawn.
- Roth IRA: If you are more concerned with your income at retirement, this option is for you. Contributions to this type of IRA are NOT tax-deductible; however, withdrawals at retirement are tax-free as long as certain conditions are met.
- SEP IRA: Business owners or sole proprietors can benefit from this type of IRA. This option allows you to contribute to your employee’s IRA(s). A SEP IRA is an inexpensive and easy-to-administer retirement plan.
Additional features/options available for all IRA solutions:
| Individual Retirement Accounts ($1,000.00 minimum to open) | |
|---|---|
| Choose from five terms, ranging from one to five years | |
| Passbook Option Available, with $1.00 Minimum to Open | |
| Mobile Banking with Alerts and Reminders | |
| Online Banking with Alerts and Reminders | |
| Telephone Banking with Voice Access | |
| Interest Earned | |
| Interest Payment Options: Compounded Quarterly or Interest Payment via Check or Transfer |