Individual Retirement Accounts (IRAs)

IRAs are smart – simple as that. With tax advantages on the one hand, and a more secure future on the other, you have plenty of good reasons to have an IRA with Emprise Bank. Plus, we offer a variety of ways to structure your IRA, from fixed rates to variable rates and a variety of maturities.

With a Traditional IRA, you can:

• Contribute up to $5,000 (or 100% of earned income, whichever is less) to your annual retirement plan, some of which may be deductible from your taxes.
• Enjoy tax-deferred earnings on your contributions, which help your savings grow more quickly since you don't pay taxes until you withdraw the funds.
• Withdraw funds without IRS penalty prior to age 59 1/2 for certain qualifying expenses such as the purchase of a home or higher education, although income taxes will apply.
• Contribute an additional $1000 for 2008 if you are 50 or older. If you turn 50 in 2008, only additional contributions made after your birth date are eligible towards the additional $1000. 2008 contributions can be made until April 15, 2009.

With a Roth IRA, you can:

• Contribute up to $5,000 (or 100% of earned income, whichever is less) to your annual retirement plan.
• Enjoy potential tax-free earnings as long as withdrawals begin after you are age 59 1/2 and have had the account for at least five years.
• Apply tax-free earnings, to the maximum amount of $10,000, for the purchase of a first home, after you have had the account for at least five years - this benefit may be applied to yourself or your children.
• Withdrawals for qualifying expenses are IRS penalty-free prior to age 59 1/2, although income taxes will apply to any earnings included in the withdrawal amount.
• Experience unrestricted access to your contributions at any time, without IRS penalty.
• Enjoy no minimum required distributions at age 70 1/2 - in fact, with a Roth IRA you may continue to contribute regardless of age, as long as you are a wage earner.
• Contribute an additional $1000 for 2008 if you are 50 or older. If you turn 50 in 2008, only additional contributions made after your birth date are eligible towards the additional $1000. 2008 contributions can be made until April 15, 2009.

IRA Rollovers

• When you leave your job or retire, you are allowed to roll over funds from an employer-sponsored plan, like a 401(k) or pension plan, into a Rollover IRA. This IRA allows:
• Retirement savings to continue growing tax-deferred.
• Greater flexibility in choosing your investments.
• The ability to move or transfer your IRA from one IRA provider to another.
• The ability to withdraw money from your IRA more easily than from an employer plan (you are still subject to income taxes and potential penalty taxes).

Please feel free to e-mail us with your questions about or at Emprise Bank (this is not a secure e-mail, so please do not send any personal information). You can also call us at 316-383-4422.