Individual Retirement Accounts
Invest in Your Future
Individual Retirement Accounts (IRAs) are one of the smartest and most tax-efficient ways for individuals to save for their retirement.
Sunflower Bank offers Traditional and Roth IRA plans, as well as certificate of deposit (CD) and savings investment options so you can maximize your earning potential.
Tax Advantages are different for the type of IRA you choose.
Contribute funds annually and potentially deduct contributions from your income taxes. Let your earnings grow tax-deferred and pay taxes later upon withdrawal. A traditional IRA has no income limitations and may be a good choice if you think your current tax rate is higher than the tax rate you’ll face in retirement, so you get the tax break when it’s more beneficial to you.
Roth IRAs allow you to contribute after-tax dollars toward investments that can grow tax-deferred. There are no required minimum distributions, no age limit to contribute, no restrictions on employer plans, and no taxes for your beneficiaries. After age 59 1/2 withdrawals are penalty-free and tax-free.
You can transfer assets from a previous, employer-sponsored retirement account plan, like a 401(k) to a traditional IRA. Keeping the assets separate from other IRAs may allow you to roll the funds into another employer plan at a later date.
Talk to your tax advisor to find out which IRA is right for you, and then we’ll help you get started preparing for the retirement you’ve always wanted.