Preserve.Be prepared for your retirement

One of the biggest life events for which we all need adequate savings is retirement.  When you work so hard for so long, you really want to be able to retire and enjoy those golden years without having to worry about your savings running out.  At LSB, we want to provide our customers with the tools necessary to preserve the savings they’ve accumulated in their working years, so they can enjoy every day after with the peace of mind that comes with financial stability and certainty.  That’s why we offer several Individual Retirement Account (IRA) options to help meet your individual retirement savings needs.  Depending where you are on your retirement savings journey will determine what retirement savings product is right for you.    Contact one of our Personal Bankers to learn more about the retirement savings products offered by La Salle State Bank, and be sure to contact your tax professional to determine which product is best for your tax situation.

Traditional IRA

Start down the road to a financially secure retirement with a Traditional IRA. Through the power of compounding and with a diligent yearly savings, the Traditional IRA helps you retire in style.  You make contributions with money you may be able to deduct on your tax return, and any earnings can potentially grow tax-deferred until you withdraw them in retirement.  Many retirees find themselves in a lower tax bracket than they were in pre-retirement, so the tax-deferral means the money may be taxed at a lower rate.  LSB offers Traditional IRAs in the form of  Certificates of Deposit, our 24-Karat IRA, and an IRA Savings Account.  Consult your tax professional and give us a call if you think a Traditional IRA from La Salle State Bank is a good fit for you.

Roth IRA

The most flexible of IRAs available is funded solely by after-tax contributions.  These contributions may be withdrawn any time for such reasons as:  first time home purchase, medical expenses, or other special needs you may have.  A Roth IRA offers the possibility of tax-free earnings.  Many individuals who never qualified for Traditional IRAs and those over the age of 70+ can take advantage of this special IRA if you still have earned income. LSB offers Roth IRAs in the form of  Certificates of Deposit, our 24-Karat IRA, and an IRA Savings Account.  Consult your tax professional and give us a call if you think a Roth IRA from La Salle State Bank is a good fit for you.

Below are the additional details for each of La Salle State Bank’s IRA products.

IRA Certificates of Deposit

The La Salle State Bank offers short term CD options and long term CD options for your IRA retirement savings.  This way, our customers can structure their retirement savings in a way that maximizes return and availability of funds.  Both are available for Traditional and Roth IRAs.

Short Term IRA CD Options:

• Available for Traditional & Roth IRAs
• 31,91, or 182 day terms available
• Minimum deposit of $500 to open the account
• Interest is compounded and credited at maturity
• Penalty for early withdrawal (Fees could reduce earnings)
• Annual Percentage Yield assumes that interest remains on deposit until maturity (A withdrawal of interest could reduce earnings)

Long Term IRA CD Options:

• Available for Traditional & Roth IRAs
• 12,18,24,30,36, and 60 month terms available
• Minimum deposit of $500 to open the account
• Interest is compounded and credited quarterly to the account
• Penalty for early withdrawal (Fees could reduce earnings)
• Annual Percentage Yield assumes that interest remains on deposit until maturity (A withdrawal of interest could reduce earnings)

Consult your tax professional and give us a call if you think a short term or long term IRA CERTIFICATE OF DEPOSIT from La Salle State Bank is a good fit for you.

24-Karat IRA

Ask about our special 24-KARAT IRA option. This account is a 24-month Variable Rate IRA which is automatically renewable.  After opening your 24-KARAT IRA, additional contributions starting at $100 can be made at any time – in any manner!  Ask a Personal Banker to tell you more about its additional special features.

• Available for Traditional & Roth IRAs
• Minimum deposit of $500 to open the account
• Additional deposits can be made in $100 increments not to exceed the annual contribution limit (Speak with a Personal Banker for details)
• Interest is compounded and credited quarterly to the account
• Penalty for early withdrawal (Fees could reduce earnings)
• Annual Percentage Yield assumes that interest remains on deposit until maturity (A withdrawal of interest could reduce earnings)

As with all things involving your retirement savings, consult your tax professional to see if a 24-KARAT IRA from La Salle State Bank will work for you.

IRA Savings Account

The most basic  of our IRA savings options is our IRA SAVINGS ACCOUNT.  Deposits to this account earn a competitive interest rate, and the funds are readily available when you reach the necessary age and tax milestones for withdrawal.  Here are the details:

• Available for Traditional & Roth IRAs
• Minimum deposit of $25 to open the account
• Competitive variable rate of interest
• Interest is compounded and credited quarterly to the account

Consult your tax professional and give us a call if you think a short term or long term IRA SAVINGS ACCOUNT from La Salle State Bank is the right retirement savings product for you.

Don’t know how much you’ll need to save for retirement?

Check out our retirement calculator to help estimate how much you will want to put away.