Individual Retirement Accounts, IRAs

Is Investing For Retirement Important?

Many ideals are changing in today’s society. For instance…

  • The trend of changing employment more frequently does not allow individuals to acquire great reserves in company pension plans.
  • Many new entrepreneurs striking out on their own cannot offer retirement options to themselves or their employees until the company is more financially secure.
  • Social Security is no longer seen as the answer to retirement funding.

Individuals need to take the lead in building their retirement nest egg.

Traditional IRA

Available with a 30-month fixed interest rate requiring a $500 minimum deposit, or an 18-month variable interest rate requiring a $50 minimum deposit. Contact State Bank of Park Rapids for interest rate information!

Other IRA Options

Roth IRA

Concern regarding the instability of Social Security continues to grow, and Americans are looking for new ways to secure their financial future. The Roth IRA gives you the ability to invest your after-tax dollars today, let the investment grow tax-deferred, and take qualifying withdrawals tax-free.

Coverdell Education IRA

Every parent looks at their child and wonders what the future holds.

  • What jobs will be available?
  • What kind of training will my child need, college or technical school?
  • Will the money be there for their education?

You may not know the answer to the first two questions, but you have a new resource to help with the last – the Education IRA.