We make it easy for you to plan for retirement. Whether that’s helping you choose an IRA or keeping track of all your finances – we can create a flexible retirement plan that adjusts as your needs evolve.
Traditional IRAs
An interest-bearing, tax-deferred account for the purpose of saving money for retirement. IRAs may be CDs with certain restrictions and limitations, including a minimum amount of at least $500; Pinnacle Bank offers Traditional, Roth and Educational IRA’s.
Features:
- Earns interest
- Amount withdrawn is taxed at the time of withdrawal so you may be in a lower tax bracket at this time
- Must begin withdrawing at age 70 ½
- Non-working spouse can deposit up to $4,000 annually
- Pays interest quarterly, semi-annually or at maturity
- Automatically renewable
- Interest may be paid by ACH, compounded, or deposited into the customer’s existing account
- Annual contribution limits apply
Benefits:
- Retirement Savings/Planning
- Amount withdrawn can be taxed at that time and customer may be in a lower tax bracket at that time
- IRAs from other institutions may be transferred here
- Company retirement rollovers/401Ks may be deposited as IRAs
