Individual Retirement Account
Both Traditional and Roth IRAs are available. We are here to help discuss your unique situation and can help you understand the benefits of each. Please call us at 419-524-0831 or email email@example.com.
Traditional IRAs allow you to make contributions that are generally tax deductible. The funds grow tax deferred until used for retirement (after age 59 ½). Contributions may be made through April 15th for the previous tax year, and individuals over age 50 may be eligible to make an additional catch-up contribution.
Roth IRAs allow for tax-deferred growth. Contributions to a Roth IRA are not deductible. However, when the Roth IRA has been held for five years and is used after reaching age 59 ½, the funds can be withdrawn tax free. Contributions may be made through April 15th for the previous tax year, and individuals over age 50 may be eligible to make an additional catch-up contribution.
We understand that getting started is often the hardest part of retirement planning. For that reason, you can start a retirement plan at Mechanics Bank with as little as $25 in a Passbook Savings IRA and $100 in a Certificate of Deposit (CD) IRA.
For our IRA owners who are already enjoying retirement (age 59 ½ and older), Mechanics waives any CD early withdrawal penalties for retirement disbursements.
We realize how important it is for you to meet your retirement goal. To help you reach your goal, many of our CD IRAs have an adjustment privilege. This privilege allows you to increase the rate of your CD IRA once during the term without a penalty or fee. You may increase your rate to match the current rate for CD IRAs of the same term as your CD IRA.
To learn how Mechanics can help you begin your successful retirement plan, contact us by emailing the IRA Department at firstname.lastname@example.org or calling 419-524-0831.
*Please refer to your account disclosure for other important information.