Planning for your future is important. Saving money for retirement is quickly becoming a priority for businesses around the country, and their employees are setting aside more money than ever for their lives after work. The most common savings method to help secure their future is an Individual Retirement Account, or IRA. An IRA is a personal savings plan that allows the individuals utilizing the plans, to receive income tax advantages. IRA’s are available to anyone who has earned income.
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IRA’s Offered by AJNB
Traditional IRA
- Contributions can be made up to $7,000 per year (additional $1,000 “catch-up” contribution for those 50 and older
- Deductible amount depends on your Adjusted Gross Income (AGI)
Roth IRA
- Earnings accumulate tax-free and remain tax-free upon distribution
- To be eligible, your AGI must be under $150,000 for singles and $236,000 for married couples as of December 2025
- Funds may not be withdrawn within the first 5 years after setting up the IRA, without a penalty
Education IRA
- Up to $2000 per year can be put away
- Money will be tax-free, with preferred tax treatment to whom the account goes to, if used for authorized education purposes
Health Savings Account
- Similar to an IRA, but funds are to be set aside solely for the use of future medical expenses
To find out more about the types of IRA’s that we offer, or to get answers to your IRA questions, contact Mindy at (618) 833-4547. You can also find helpful information on IRA’s through the IRS website by clicking here.