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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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    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

Better Retirement Planning: Is an Indexed Annuity Right for You?

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Indexed Annuity Rates in 2022

There are many ways to prepare for retirement, including employer-sponsored retirement plans, IRAs, and indexed annuities. But what is an indexed annuity, and how does it work?

Indexed annuities, also called equity-indexed or fixed-indexed annuities, are financial contracts with insurance companies. These contracts allow investors to earn interest based on the market index's performance. As a result, these annuities can yield high returns – but there are some downsides, too.

Pros of an indexed annuity:

  • Indexed annuities allow for the potential of higher interest rates with downside protection.
  • Contract values are not affected if market indices fall.
  • Indexed annuities are tax-deferred, which allows for tax strategy planning
  • Most offer the availability of Guaranteed Minimum Income Benefit Rider (GMIB) for future income needs.
  •  May be written as a single owner/ annuitant or joint owner/ annuitant

Downsides of an indexed annuity:

  • The insurance company sets and limits participation rates, caps, spreads, and has specific rules, restrictions, and expenses, affecting the investment return.
  • Complicated to track performance between annual statements and/ or Index anniversaries.
  • Indices available are determined by the issuing insurance company
  • It is possible to lose money in this type of investment if withdrawals exceed annual allowable amount during surrender period.
  • Withdrawals before age 59½ may be subject to a 10% federal income tax penalty.
  • Interest, though tax deferred, is taxed as ordinary income when withdrawn from the annuity.

Understanding indexed annuities can be confusing. Contact the Horizon Trust & Investments team to help you determine if an indexed annuity is best for your personal situation and retirement savings. Call (219) 873-2683. 

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