Retirement Accounts/IRAs

IRAs – Your Future is NOW

What do you want your retirement to look like?  For some, it’s navigating the roads in a motorhome, for others it may be navigating the lakes and rivers for the “big one,” or heading south for the winter to navigate 18 holes.  Maybe your retirement is staying close to home, enjoying family and friends.  Whatever it is, you want to be able to enjoy retirement to its fullest, and that includes financial security and peace of mind.

Like any plan, starting early is the key.  That puts time and money on your side.  The tax advantages of IRAs (Individual Retirement Accounts) make them an attractive part of any retirement plan.

• Changes in 2009
• Traditional IRA
• Roth IRA
• Interra IRA Investment Options
• Interra Rollover Options
• Interra IRA Center

Changes in 2009

On December 23, 2008, President Bush signed the Worker, Retiree and Employer Recovery Act of 2008 (H.R. 7327) (the “WRER Act”). In signing this legislation, Required Minimum Distributions (“RMDs”) for calendar year 2009 have been waived. This may affect you in one or more of the following ways:

If you have any questions about these changes, please contact Wongel Worabo, IRA Specialist by e-mail or by phone at 574.534.2506 ext. 7348.

Traditional IRA

• Contributions may be fully deductible up to $5,000 per year.  
• If you’re 50 or older, you may contribute an extra $1,000 per year.
• Even if all or part of your contribution is not tax deductible, the earnings grow tax-deferred and are then taxed as regular income when withdrawn.
• Withdraw funds without any IRS penalty starting at age 59½.
• Withdrawals prior to age 59½  are subject to a 10% tax penalty (unless certain exceptions are met).*
• To learn more about traditional IRAs vist the IRA Center.

Roth IRA

• Roth IRA contributions are never tax deductible.
• You may contribute up to $5,000 per year, and an additional $1,000 per year if you’re 50 or older.
• Withdrawals are tax-free after five years to buy a first home or for any purpose after age 59½.
• Income limitations may apply.
• You may make contributions from earned income after age 70½.
• Mandatory distributions are not required.
• If you would like to learn about converting your Traditional IRA into a Roth IRA, click here.

Interra IRA Investment Options

• IRA savings account.  You can get started with as little as $5.00!
• IRA certificates – With a minimum balance of only $500, you can select from a variety of terms to help you achieve your goals, with competitive rates to help you make more money for your retirement years.
• Other IRA investment options available through Interra Investments.

Retiring or changing jobs?  Ask Interra about your rollover options

• Keep your assets from a qualified retirement plan, such as an employer sponsored pension, profit sharing or 401(k) plan.  
• As with other IRAs, the assets grow tax deferred, and are taxed as ordinary income when withdrawn, once you have reached the age of 59½.
• Rollover options are also available through Interra Investments.

       
        Watch our 401(k) Rollover Ad

For more in-depth information about IRAs, visit the IRS website.

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Interra IRA Center

To learn more about IRAs visit the IRA Center.  Features of the IRA Center include: 

• IRA basics
• Calculators
• Forms that can be completed online and submitted
• Contact information for the IRA Specialist at Interra

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