Looking for a secure place to invest your money?
It's never too early—or too late—to start planning for retirement. And, if you open an individual retirement arrangement (IRA) by April 15, you can make a tax-deductible contribution of up to $5,500 ($6,500 if you're over 50) and receive the tax write off on your 2013 tax filing.* Don't let the opportunity to save pass you by.
Bank of American Fork's individual retirement accounts (IRAs) are held in CDs,
not in the stock market, so you're guaranteed a steady return and are covered by
FDIC insurance. Unlike some banks, we don't charge you holding fees or an annual
Depending on the type of IRA you choose, you can earn tax-free or tax-deferred income.
After retirement, you can receive distributions from the money in your IRA account.
Here are the types of IRAs we offer:
- Traditional IRA: Allows contributions of pre-tax income. Taxes are
paid upon distribution.
- Roth IRA: Allows contributions of after-tax income, if qualified. Qualified
distributions of principal and interest are tax-free. After retirement, distributions
are not required.
- SEP IRA: SEP stands for Simplified Employee Pension. It allows a business
to make contributions toward its employees' retirement using IRAs. These are especially
popular with sole proprietors, where the business owner and the employee are the
same person. SEPs allow a higher maximum contribution (25% of compensation up to
$50,000) than a Traditional or ROTH IRA.
Variable-rate IRAs require only $10 to open, while fixed-rate IRAs can be opened
with either a $500 or a $5,000 minimum opening deposit. Don't wait any longer to
start your retirement savings. Open an IRA today.
* Consult your tax advisor for details.