Individual Retirement Accounts (IRAs) Farmers Bank of WillardsPersonalProducts and FeaturesIndividual Retirement Accounts (IRAs) Individual Retirement Accounts (IRAs) offer you an opportunity to improve your chances of a secure retirement. Farmers Bank of Willards offers several types of IRAs, all with the protection of FDIC insurance. Traditional IRA: If you are interested in deferring taxes while saving for retirement, this option is for you. Most contributions to this type of IRA are tax-deductible. Interest earned on a Traditional IRA is tax-free until the money is withdrawn. Roth IRA: If you are more concerned with your income at retirement, this option is for you. Contributions to this type of IRA are NOT tax-deductible; however, withdrawals at retirement are tax-free as long as certain conditions are met. SEP IRA: Business owners or sole proprietors can benefit from this type of IRA. This option allows you to contribute to your employee’s IRA(s). A SEP IRA is an inexpensive and easy-to-administer retirement plan. Additional features/options available for all IRA solutions: Individual Retirement Accounts ($1,000.00 minimum to open) Choose from five terms, ranging from one to five years Passbook Option Available, with $1.00 Minimum to Open Mobile Banking with Alerts and Reminders Online Banking with Alerts and Reminders Telephone Banking with Voice Access Interest Earned Interest Payment Options: Compounded Quarterly or Interest Payment via Check or Transfer
