Start Saving More For Retirement
There’s never a bad time to start saving more aggressively for your retirement. But in order to save for your retirement, you need the right account that will allow you to follow your strategy. At Mid America Bank, we offer several different retirement account options for you to choose from.To learn more about each of these retirement account options, and which one might be the right choice for you, please contact your local Mid America Bank branch.
Retirement Accounts We Offer
Account Type | What You Need to Know About This IRA* |
|---|---|
Traditional IRA | Great way to supplement a personal retirement plan Persons under the age of 72 – for the entire year with earned income, are eligible to contribute Earnings grow tax-deferred Annual contributions may be tax-deductible |
Roth IRA | Powerful combination of retirement savings tax benefits Persons of any age are eligible if they meet certain income criteria Contributions are not tax-deductible Earnings grow tax-free No tax or penalties on qualified withdrawals |
SEP Account | Low-cost alternative for retirement savings Self-employed or small business owners are eligible to establish a SEP for themselves and their employees Contributions and earnings grow tax-deferred until withdrawn |
Simple IRA | Ideal for small employers who do not currently sponsor a retirement plan Easy to set up and low administrative costs Employees and employers are eligible to make contributions for employees |
*Please consult your tax advisor