Secure your future with an Individual Retirement Account (IRA)
Is an IRA right for you?
You may be able to save on your present taxes by deducting your qualified IRA contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions; the deductible amount depends on your income, marital status and whether you’re an active participant in an employer-sponsored plan, as defined by the Internal Revenue Service.
You may also be able defer taxes on your IRA until you retire, when you will probably be in a lower tax bracket.
If you’re changing employers or retiring, an IRA rollover makes sense.
If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with Wyoming Bank & Trust, or you can do it yourself with an IRA-to-IRA rollover. You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties.