We have several retirement plans available. You're welcome to come in and talk with one of our New Accounts Representatives who will answer any questions you may have about retirement plans.
The traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn.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.
The Roth IRA is a non-deductible account that features tax-free withdrawals for qualifying reasons after a five-year period. It is suitable for people who do not qualify for a tax deductible IRA or who expect to be in a higher tax bracket when they retire.
A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each plan participant.
All Rockwood Bank IRA’s are invested in bank Certificates of Deposit.