Individual Retirement Accounts (IRAs)
Individual Retirement Accounts (IRAs)
As much fun as The Little Brown Jug is, a retirement strategy it does not make. The Ohio State Bank can help put you on the track to a guaranteed retirement savings plan.
We offer traditional IRAs that can retain FDIC insurance. We make it easy to get started, with a minimum $100 opening deposit and no setup fees. The sooner you start, the sooner you'll reach your goals.
- Summary
- Tax-advantaged retirement savings
- Greater earnings than savings account
- No setup or maintenance fees
- No income limits to open
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
- $100 minimum deposit to open
*Consult with a tax advisor. Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
