Individual Retirement Accounts

NOTE:  Annually we mail a Form 5498 to all IRA owners no later than May 31st per IRS regulations.  This document reports any IRA contributions and the prior year-end market value of the IRA.  The IRS has extended the mailing deadline this year to August 31, 2020.

Horizon Bank Individual Retirement Accounts (IRAs) are designed to help you plan for your retirement. All Horizon Bank IRAs, including the Horizon Bank Self-Directed IRA, 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

Investment vehicles made available through Horizon Trust & Investment Management are: Not deposits or other obligations of, or guaranteed by Horizon Bank; Not insured by the FDIC; Subject to investment risks, including possible loss of principal.