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December 7: Visit Santa and Mrs. Claus at the bank in Hortonville!
December 9: Last day to donate to our Holiday Food Drive.
December 15: We’re matching Red Kettle donations at Gilbert’s Sentry Foods in Hortonville!
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FDIC-Insured - Backed by the full faith and credit of the U.S. Government
An Individual Retirement Account (IRA) allows you to save for retirement in a tax advantaged way.
Contributions may be tax-deductible in the current tax year, and taxes on any investment gains are deferred until withdrawals are made in retirement. A traditional IRA may be a good choice if you think the tax rate you’ll face in retirement will be lower than your current tax rate. Traditional IRAs allow you to get the tax break when it benefits you most.
Contributions are made with after-tax dollars, meaning you’re not able to deduct them from your taxable income. The benefit of a Roth IRA is the investment gains and withdrawals are generally tax-free in retirement. A Roth IRA may be a good choice if you’re in a lower tax bracket now than you’ll likely be in the future.
An IRA Savings at Wolf River Community Bank has the tax advantages of an IRA yet acts like a regular savings account where you can withdraw funds as needed.
If you are retiring or changing jobs, you can avoid withdrawal penalties by transferring your employer held retirement assets into an IRA or other qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account, or you can do it yourself with an IRA-to-IRA rollover.
IRAs offer various advantages, such as the potential for tax savings and compound interest growth. However, there are rules around contributions, withdrawals, and required minimum distributions that individuals should be aware of before opening an IRA. We recommend consulting your tax advisor to review the tax-deductible status of your IRA.
An IRA is a retirement savings account that allows you to invest your money in various assets, such as stocks, bonds, mutual funds, and CDs. The primary benefit of an IRA is that it provides you with a tax-advantaged way to save for retirement.
An IRA is designed specifically for retirement savings, while a savings account is generally used for short-term savings goals. An IRA has tax advantages, higher interest rates, annual contribution limits, and early withdrawal penalties. Typical savings accounts don’t offer any tax advantages and have lower interest rates. Yet, they allow you to withdraw your money at any time without penalty and generally don’t have contribution limits.
At Wolf River Community Bank, we offer Traditional and Roth IRAs which function like typical IRA accounts where you withdraw only when your term is up. But we also have an IRA Savings Account that acts like a regular savings account where you can withdraw as needed but offers the tax advantages of an IRA.
Visit your nearest branch location or contact us to start the conversation.
