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Business IRA

Traditional IRA - The traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.

Roth IRA - The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire you may benefit more from a Roth IRA than from a traditional IRA.

	2002	2003	2004	2005	2006	2007	2008	2009 and beyond
Contribution Limit	$3,000.00	$3,000.00	$3,000.00	$4,000.00	$4,000.00	$4,000.00	$5,000.00	$5,000.00 + COLA*
Catch-Up Contribution^ Limit	$500.00	$500.00	$500.00	$500.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Contribution Limit for Age 50 and Over	$3,500.00	$3,500.00	$3,500.00	$4,500.00	$5,000.00	$5,000.00	$6,000.00	$6,000.00 + COLA*

^Catch-Up Contribution allows for make up for lost retirement savings for any individual who reaches age 50 or older by the end of his/her taxable year.
*COLA – Cost of Living Adjustments

CONTRIBUTION LIMITS (more...)

Please contact your tax advisor when determining which account is best for you. We are unable to give any tax advice.
There are substantial penalties for early withdrawal, for more information contact Kim Klein at 217-678-2311.

Personal IRA

	12 Month IRA Certificate	18 Month IRA Certificate	30 Month IRA Certificate
Account Specifics
Minimum Deposit	$1,000.00	$1,000.00	$1,000.00
Fixed or Variable Rate	Fixed Rate See Current Rates	Fixed Rate See Current Rates	Fixed Rate See Current Rates
Special Features	More Information	More Information	More Information

Click here to read more about IRA contribution limits. By clicking on this link you will be directed away from State Bank of Bement's website. Please remember State Bank of Bement is unable to give any tax advice. Please contact your tax advisor when determining which account is best for you.