Individual Retirement Account

Let us help you find out if an IRA is right for you. Give us a call and visit with one of our Personal Bankers or take our IRA Test.

Did you know?

You might be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status, and whether or not you are an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With an Individual Retirement Account, you may also be able defer taxes until retirement when you will probably be in a lower tax bracket. You may want to consult your tax adviser to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
If you’re changing employers, an IRA rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover. You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and along with other possible penalties as well.

For more information about IRA Rollovers or opening a new IRA call one of our Customer Service Representatives at an office near you.

Graham Savings does not offer tax advice. Consult a tax advisor for your specific tax situation.