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Individual Retirement Accounts

Start Saving More For Retirement

There’s never a bad time to start saving more aggressively for your retirement. But in order to save for your retirement, you need the right account that will allow you to follow your strategy. At Mid America Bank, we offer several different retirement account options for you to choose from.To learn more about each of these retirement account options, and which one might be the right choice for you, please contact your local Mid America Bank branch.

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Retirement Accounts We Offer

Account Type

What You Need to Know About This IRA*

Traditional IRA

Great way to supplement a personal retirement plan

Persons under the age of 72 – for the entire year with earned income, are eligible to contribute

Earnings grow tax-deferred

Annual contributions may be tax-deductible

Roth IRA

Powerful combination of retirement savings tax benefits

Persons of any age are eligible if they meet certain income criteria

Contributions are not tax-deductible

Earnings grow tax-free

No tax or penalties on qualified withdrawals

SEP Account

Low-cost alternative for retirement savings

Self-employed or small business owners are eligible to establish a SEP for themselves and their employees

Contributions and earnings grow tax-deferred until withdrawn

Simple IRA

Ideal for small employers who do not currently sponsor a retirement plan

Easy to set up and low administrative costs

Employees and employers are eligible to make contributions for employees

*Please consult your tax advisor