Retirement Plans
Northern Bank & Trust offers a variety of Retirement Accounts that can help you plan your financial future. You can take comfort in knowing your investment is safe because Northern Bank & Trust Company Deposit Accounts are backed by the Federal Deposit Insurance Corporation for up to $250,000 per qualifying individual. All of our Retirement Plans offer competitive rates and terms. (FDIC release March 2006)
Browse through the following Retirement Account Options and find the one that fulfills your need. For further information contact your local branch or
send us an email today.
Traditional IRA's are available to anyone under the age of 70 ½ who is working and has earned income. Up to $3,000 of your earned income can be contributed each year for an individual and up to $6,000 for married persons filing joint tax returns - and your contributions may be tax-deductible.* After age 50 you may contribute up to $3,500 of your earned income.
ROTH IRA's are available to anyone with earned income regardless of age. You may even establish a ROTH IRA for a non-working spouse, regardless of his or her age; however, contributions are not tax-deductible.*
Educational IRA's can be established by anyone for any child under the age of 18. The plan allows total after-tax contributions of $500 per year for each child until they reach the age of 18. These contribution and their subsequent earnings are tax-free when withdrawn to pay for qualified education expenses, but your contributions are not tax deductible.*
* Always consult your tax advisor regarding potential tax savings
Simplified Employee Pension Plan (SEP) is a retirement plan established by an employer where the contributions are made by the employer on behalf of eligible participants. SEP's are most attractive to employers who desire administrative ease and no extra government reporting requirements.
Qualified Pension Plan (KEOGH) is a retirement plan that is established by an employer for him or herself and also may include the employees of the business. KEOGH's are available as a profit sharing plan or a money purchase pension plan.
Current Rates and Terms
|
