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Personal Banking

Individual Retirement Accounts (IRAs)

Save your money now and worry about the taxes later. No matter what stage you are in your retirement planning, a Hillcrest Bank IRA can help you take control of your financial future.

There are two main types of IRAs: Traditional IRAs and Roth IRAs. Which type of IRA is right for you may depend on many factors; such as your age, your tax situation, your estate planning, and your overall financial health. Here is a basic overview of the two main types of IRAs:

Current IRA Rates

Traditional IRAs 

  • You contribute before-tax money, and that money is taxed when it is withdrawn. 
  • Earnings are tax-deferred until withdrawn. 
  • Contributions may be tax-deductible depending on your adjusted gross income and other factors. 
  • You can no longer contribute to the account once you reach 70 ˝. 
  • There are no income limits, but you must have earned income to contribute. 
  • You must begin taking distributions at age 70 ˝.

Roth IRA  

  • You contribute after-tax money, and pay no taxes when they are withdrawn. 
  • Earnings are tax-deferred and tax-free upon withdrawal. 
  • Contributions are not tax-deductible. 
  • You can contribute as long as you have earned income, regardless of your age. 
  • Your modified adjusted gross income must be below certain limits depending on your tax filing status. 
  • You are not required to take mandatory distributions at any age during your lifetime. 
  • Beneficiaries are subject to minimum distribution rules.

Converting to a Roth IRA

You may want to consult your tax and estate planning professionals for information about your specific situation. The IRA specialists at Hillcrest Bank are also available to answer your IRA questions.

Rolling Over Your 401K

Click here to contact a Hillcrest Bank IRA specialist.


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