Horizon Bank Individual Retirement Accounts (IRAs) are designed to help you plan for your retirement. All Horizon Bank IRAs are available as both a Traditional IRA or Roth IRA.
Setting Every Community Up for Retirement Enhancement (SECURE) Act Overview
Traditional IRAs are funded with income on a pre-tax basis, creating for you significant short-term tax advantages.
Traditional IRAs create an income tax deduction for the amount contributed each year
Traditional IRAs are subject to annual contribution limits and Required Minimum Distributions (RMDs) once you reach age 70½
Traditional IRAs require that income tax be paid on distributions
Roth IRAs are funded with income on an after-tax basis, allowing you to experience long-term benefits on the money you save.
Roth IRAs are subject to annual contribution limits, but not Required Minimum Distributions (RMDs)
Roth IRAs do not require income tax to be paid on distributions
Stop by your local Horizon Bank or call us toll-free on 888-873-2640 to see what type of IRA is best for your retirement strategy