Individual Retirement

An individual retirement account (IRA) is a personal savings plan that offers specific tax benefits while helping you achieve your retirement goals. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you should also consider investing in an IRA.


  • Contributions can be tax-deductible or non-tax deductible (Consult with your tax advisor)
  • Earnings grow tax-deferred until withdrawn after age 59 1/2, at which time they are taxed at your current rate
  • Wide range of investment options available


  • Anyone under age 70 1/2 who has earned income equal to or greater than their IRA contribution amount
  • If you contribute to an employer-sponsored plan such as a 401(k) you may still be eligible to contribute to a Traditional IRA
  • If you have no earned income but your spouse earns enough income to cover your contribution as well as their own, you can contribute to a Traditional IRA

Please check with St. Ansgar State Bank if interested.