Individual Retirement Accounts (IRAs)Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Summary

Start saving for retirement today. And take your rod and reel from free-time equipment to full-time accessory. The sooner you start saving, the more likely you are to retire at an appropriate age.


Why work through your golden years, stuck waiting on your cash to catch-up? An IRA includes exclusive tax-advantages*, so you can save more in less time. That's less wait, less work, and more time to spend how you choose.


Read more about IRA benefits

Essentials:

  • Tax-advantaged retirement savings*
  • Competitive interest above standard savings rates
  • Call us at 218-722-3500 for current rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $100 minimum deposit to open a variable rate IRA
  • $1,000 minimum deposit to open a fixed rate IRA
  • Coverdell Educational Savings Account also available!

*Consult a tax advisor.

Traditional vs. Roth

Find the right IRA to fit your retirement plan. Traditional and Roth IRAs both offer distinct tax advantages, but are taxed in different ways. Consult a tax advisor to see which is right for you.

Traditional IRAs are tax-deferred, meaning you don't pay income tax on what you contribute upfront. Roth IRAs are tax-exempt. So you still pay income tax on your full income, regardless of contribution levels. But funds can be withdrawn tax-free at the appropriate age*.

Traditional IRA

  • Flexible contribution options available
  • Contributions are eligible to be tax-deductible*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Required Minimum Distributions begin at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals can begin at age 59½ penalty-free
  • Early withdrawals subject to penalty**
  • No Required Minimum Distributions
  • No contribution age limit as long as you have earned income

*Subject to certain conditions. Consult a tax advisor.

**Certain exceptions apply. Consult a tax advisor

***IRS changes figures annually. Consult a tax advisor.

Coverdell ESA

Save for the costs of tuition in a smart way with a Coverdell Educational Savings Account (ESA). Establish an account for anyone under the age of 18 and let funds grow tax-free. Use the savings for qualified educational expenses* — from kindergarten through college.

Details:

  • No setup or annual fee
  • Interest grows tax-free
  • Withdrawals are tax-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply**
  • Contributions are not tax deductible
  • FDIC insured

*Consult a tax professional to determine if an expense is qualified

**Consult your tax advisor to determine your contribution limit.