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Clear
Mountain Bank offers a wide variety of retirement plans to
choose from.
From the Adjustable Rate IRA to Traditional Fixed
Rate plans along with specialized plans for education and
the self-employed, we can help you meet your retirement
needs.
All of our IRAs offer a competitive rate of return
plus all the tax advantages allowed by law.
Your Clear Mountain Bank representative will answer
your questions to help determine the right plan for you.
Please consult with your tax advisor about IRA tax
implications and to be certain your needs are met.
PayDay IRA
Clear Mountain Bank’s PayDay IRA allows
you to save for retirement by contributing small amounts
each pay day! Open this account with as little as $10, then
we’ll set up automatic transfers from your Clear Mountain
Bank deposit account on every pay day. You’ll earn a great
interest rate, and there are no term limits and no early
withdrawal penalties from Clear Mountain Bank! Plus, your
contributions may be tax deductible. Contact your local
branch to learn more about the PayDay IRA!
ADJUSTABLE
RATE IRA
The
Adjustable Rate IRA is the most flexible of our investment
accounts, allowing smaller deposits with all the benefits of
a long-term IRA. Open your Adjustable Rate IRA with any
amount and add to this account whenever you like in any
amount, large or small. Your Adjustable Rate IRA is based on
our 18-month Certificate of Deposit rate. We will provide
you with a register book for record-keeping and
automatic debit options also are available.
FIXED
RATE IRA
Often
preferred by the customer who seeks a longer maturity with
the benefit of a steady rate, the Fixed Rate IRA features a
term from one to five years.
Minimum deposits can be as little as $500, but
additional deposits to the same account are not permitted.
Contributions
may be tax-deductible depending on your income, marital
status and whether you have a retirement plan at work.
Taxes are typically deferred on the interest you earn
and withdrawals are taxed as ordinary income.
ROTH
IRA
The
Roth IRA is a non-deductible account that features tax-free
withdrawals for certain distribution reasons after a
five-year holding period.
The requirements for a Roth IRA are:
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You
must have earned income (or your spouse must have earned
income) and your modified adjusted gross income cannot
exceed limits as set forth by the IRS.
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Earnings
on the Roth IRA are exempt from income taxes, provided you
take the earnings as part of a qualified distribution.
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It is
important to remember that you cannot take a tax deduction
for any contributions made to a Roth IRA.
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However,
when you are ready to take a withdrawal, you pay no taxes on
the any of the earnings that your money has generated.
There
are several types of qualified distributions that can be
taken from a Roth IRA. Additionally, IRS penalties as well
as distributions are set up differently from the
conventional IRA account.
We suggest you talk with one of our Personal Bankers
for all the details to help you make a sound investment
decision with a Roth IRA.
COVERDELL
EDUCATION SAVINGS ACCOUNT
This
non-deductible account features tax-free withdrawals for a
very specific purpose: education expenses. While qualified
higher education distributions from a traditional or Roth
IRA are penalty free, the same distributions from a
Coverdell Education Savings Accounts are penalty free and
tax-free.
Please
discuss the details of a Coverdell Education Savings Account
with one of our Personal Bankers to determine if it’s
right for you.
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