An Individual Retirement Account, or IRA, is an account into which you can save and invest money for retirement (provided you’re eligible), with potential tax benefits. The two basic types are the Traditional IRA and the Roth IRA. Each has slightly different rules and benefits. You can contribute to it every year as long as you have earned income. Both types can be opened through the Bath State Bank. It requires no more than a few minutes visit. You can open an IRA at the Bank for as little as $50. The maximum contribution for the 2010 year is $5,000 for those under 50, and $6,000 for those 50 and above. Call or simply stop in either BSB location.
Common types of IRAs are accounts that you open on your own. Others can be opened by self-employed individuals and small business owners. There are several different types of IRAs. Unfortunately, not everyone gets to take advantage of them. Each has eligibility restrictions based on income or employment status, and all have caps on how much you can contribute each year and penalties if you yank out your money before the designated retirement age. Just call or stop by . . . we'll help you with your questions.
| Column1 |
Rate |
Points |
APR |
Column2 |
Prepaid is Points plus $90.00 |
|---|
| |
|
|
|
|
|
| 30 year |
3.875% |
1 |
3.965% |
|
$98,910.00 |
| 30 year |
4.000% |
0.5 |
4.049% |
|
$99,410.00 |
