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The time is now to start saving for retirement.

Saving for retirement with an IRA offers a number of benefits. We’re here to help you choose the right option based on your current needs and future retirement savings goals.  What’s more, you can choose from Traditional or Roth IRA when opening your account. 

Compare Traditional vs. Roth


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    IRA Savings

    Saving money with an IRA savings account allows you to add more to your account at any time.

     

    • No minimum balance required to open
    • Additional deposits as little as $5 can be made at any time
    • Traditional and Roth IRAs available
    • Flexible savings solution with minimal investment risk & FDIC Insurance
    • Competitive interest rates
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    CD IRA

    Save with the guaranteed interest of a CD with the tax advantages of a retirement account. 

     

    • Open with as little as $500
    • Multiple term options to meet your timeframe
    • Traditional or Roth IRA options available 
    • Tax-advantaged and FDIC-insured
    • Competitive interest rates and fixed terms

No matter which option you choose, it's easy to get started today.

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    Speak to an advisor.
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    Visit a branch.
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    Chat online with our support team Monday - Friday 8 am to 5 pm CST.  Live chat is available for questions 24/7/365.

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Changing jobs? Rollover your IRA.

If you’ve recently changed jobs or retired and would like to protect the balance in your previous employer’s retirement plan, Horizon Bank's Rollover IRA is for you.

  • Continue to accrue tax-deferred earnings
  • Transfer retirement savings without tax penalties or other hassles
  • Full protection from bankruptcy
  • No limits on the rollover amount
  • Rollovers can be opened at any time

 

IRA FAQS

Sensible Advice

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Preparing for Retirement: Which IRA is Right for You?

Choosing an Individual Retirement Arrangement

An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. Even if you're contributing to a 401(k) or other plans at work, you may want to consider investing in an IRA. The same combined contribution limit applies to all of your Roth and traditional IRAs, but each provides different tax benefits. So which IRA is better for you?

Traditional IRAs: Possible tax benefits today

Anyone who has earned income and meets all the requirements can open and contribute the maximum amount allowed each year to a traditional IRA. When considering a traditional IRA, know that:

●        Your contributions to a traditional IRA may be tax-deductible on your federal income tax return, potentially saving you money in taxes in the current year of contribution.

●        If neither you nor your spouse is covered by a 401(k) or another employer-sponsored plan, you can generally deduct the full amount of your annual contribution.

●        If taking a distribution, you may have to pay a 10% early withdrawal penalty if you're under 59½.

●        Once you turn 72, you are required to withdraw a minimum amount per year.

A traditional deductible IRA is best if you want to potentially lower your yearly tax bill while you're still working (if you qualify for tax deductions) or don't qualify to contribute to a Roth IRA. 

Roth IRAs: Possible tax benefits in the future

Roth IRAs utilize after-tax contributions, meaning there is no tax benefit today, but there is in the future. When considering a Roth IRA, know that:

●        You cannot deduct contributions, and your contribution amount may be limited by your annual household income and filing status.

●        Funds may be withdrawn from a Roth IRA with no taxes or penalties if you hold at least 5 years from the first contribution AND meet other additional qualifying events.

●        You are not required to withdraw a minimum amount from a Roth IRA, meaning you can leave more money to your beneficiaries.

A Roth IRA is best if you qualify and are less concerned about taxes today, want to minimize taxes during retirement, and plan to preserve assets for your beneficiaries.

Find the Individual Retirement Arrangement That's Right for You

IRAs are complex, with many different rules and regulations. IRAs can also be transferred from one institution to another, tax-free. Contact the Horizon Trust & Investments team to help you review which is the best IRA for your personal situation. Call (219) 873-2683.

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