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Main Office
1000 South State Street
Jerseyville, IL 62052
Phone: (618) 498-6466
Wal-Mart Banking Office
1316 South State Street
Jerseyville, IL 62052
Phone: (618) 639-2265
Grafton Banking Office
14 East Main Street
Grafton, IL 62037
Phone: (618) 786-2311
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Find an ATM Machine
Individual Retirement Accounts
Individual Retirement Accounts or IRAs were created in 1974. They were created as a "special" type of account. The purpose is to encourage people to save for their retirements. We have numerous investment options for all of our IRAs.
Traditional IRA
A maximum $3,000 contribution is allowed per year, per individual. You have the added benefit of not paying taxes on the portion of your income you put into an IRA until you retire, at which time your tax bracket will presumably be lower than it is today. You are eligible to begin withdrawals at age 59 and a half and must take regular distribution after age 70 and a half.
ROTH IRA
Contributions to a Roth IRA are not tax-deductible; however account earnings grow tax-free. Withdrawals are also tax-free, if the account has been funded for 5 years and you are at least 59 and a half or you qualify for an exception. A Roth IRA may mean giving up a traditional IRA tax deduction now. In the long run however, it may provide you with significantly greater after- tax retirement savings. You pay taxes at your current rate before your assets grow significantly. When you retire and start withdrawals, you keep all of the money you have earned, without paying any federal income taxes.
Coverdell Education Savings Account (formerly Educational IRA)
This IRA is designed to be a type of tax-deferred savings and investment account to encourage taxpayers to save for future education expenses. You may make contributions within certain limits on behalf of a designated beneficiary, such as a child or grandchild.
SEP IRA
Self Employed Pension Plan is an IRA for small businesses to contribute tax deferred funds for themselves and their employees.
