Individual Retirement Accounts (IRAs) are a useful and accessible tool which, provides long-term savings and tax advantages. To help make your retirement dreams a reality, First South Bank offers a variety of options to our customers including Traditional IRAs, Roth IRAs, Rollover IRAs and Simplified Employee Pension Plans (SEPs). We can tailor the best solution for you and the goals you have in mind.
A tax-deferred retirement account which allows you to set aside a certain amount per year while earning tax deferred until mandatory distributions are required at age 70 ½ and later. Only those who participate in a pension plan at work or who do participate and meet certain income guidelines can make a deductible contributions to a Traditional IRA. All others can make contributions to a Traditional IRA on a non-deductible basis. The non-deductible type of contribution does not qualify as a deduction against income earned that year, but the interest accumulates tax deferred until the funds are withdrawn.
A tax-free retirement account when established for at least five years and after obtaining age 59 ½. Contributions are not tax-deductible and are based on certain income guidelines. Mandatory distributions at age 70 ½ do not apply to Roth IRAs.
If you change jobs and want to move your retirement plan ((401(k), profit sharing plan, etc.) with you, we can help with a Rollover IRA. This type of IRA allows you to keep your funds tax- deferred and typically gives you a broader choice of investments. At First South you can choose from a variety of FDIC-insured investments, as well as non-FDIC insured investments through First South Bank Wealth Management*
Securities offered by First South Wealth Management are not deposits, not FDIC insured, not guaranteed by the bank and may lose value.
If you’re a business owner or self-employed, a Simplified Employee Pension is a simple, effective way to build your retirement savings as well as offer a benefit to your employees.
To find out more, visit your nearest First South Bank location.