Individual Retirement Accounts (IRAs)
There's a reason they say "time flies." If you're not careful, you can get caught off-guard when it's time to retire. Make sure you're financially prepared for the next phase of life with an IRA from Bank of Georgia. We offer both traditional and Roth IRAs, as well as SEP IRAs for self-employed individuals. Each of these has its own advantages; we can help set you up with an account that's just right for you.
- Save money for retirement
- Traditional, Roth, and SEP IRAs available
- Various tax advantages*
- No annual fee or setup charges
- Supplement your employer-sponsored plan
- Rollover an existing IRA or employer-sponsored plan
- Consolidate all your retirement accounts
- $500 minimum deposit to open
- FDIC insured
*Consult your tax advisor.
- IRA Options
There are many different types of IRA out there. Learn the basics about the IRAs we offer by reading more below.
This is the most common type of IRA. Contributions are usually tax deductible* as long as you are not an active participant in an employer retirement plan. Investments grow on a tax-deferred basis, with earnings taxed upon withdrawal. The annual contribution limit is $5,000 with an additional $1,000 "catch up" contribution for individuals 50 years old or more. The annual limit applies to any combination of IRA plans. Distributions must begin at age 70½.
Roth IRAs have a different set of tax advantages. While contributions are not tax deductible, your balance can be withdrawn tax free should you need it. Unlike traditional IRAs, you are not required to begin taking required minimum distributions after reaching age 70½. By converting your traditional IRA to a Roth IRA, you can enjoy tax free withdrawals. However, the amount you convert is subject to income tax.* As long as you have earned income, you can establish and contribute to a Roth IRA even after age 70½. Contribution limits are the same as with traditional IRAs.
Simplified Employee Pension (SEP) IRAs
SEP IRAs are useful for business owners to provide retirement benefits for their employees. They are also extremely beneficial for self-employed individuals, as there are no significant administration costs. Since SEP accounts are treated as IRAs, funds can be invested the same way as any other IRA. Contribution limitations are based on income, so the actual amount can vary. Contact us to help you determine your limit. Read more about SEP IRAs here.
If you have more questions or are ready to get started, contact us online, call, or stop by any of our locations and speak to an IRA representative. We'll be happy to explain these accounts in more detail and help you complete the simple forms necessary to establish your IRA.
*Consult your tax advisor.