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Retirement Accounts

Let us help you plan a retirement nest egg. In this day and age you can no longer solely rely on social security and your pension to get you through your retirement years. Every person needs to plan out their future and look at all of the alternatives. The St. Henry Bank is your one stop retirement planning center. See our IRA Specialist for all your retirement planning needs!

Traditional IRA
The traditional IRA allows you to contribute up to $4,000/year if you have earned income and up to $4,500/yr if over age 50. The deposit you make may be deductible for you on your taxes. All earnings on your IRA are tax deferred until you make withdrawals from the account. It is also possible to rollover a pension after you have retired from your job or have changed jobs into an IRA with The St. Henry Bank.

Roth IRA
The Roth IRA is an nondeductible account that features tax free withdrawals for certain reasons after a five year holding period. All earnings on the Roth IRA are also tax free. You are able to contribute up to $4,000 per year into the ROTH IRA. If you are over the age of 50, you can contribute $4,500 per year.

Coverdell Education Savings Account (CESA)
The Coverdell Education Savings Account, formerly known as the Education IRA is a nondeductible account that features tax free withdrawals for a child's higher education expenses. You can make up to a $2,000 contribution for your own child, grandchild, niece or nephew - any child under the age of 18. You do not have to have earned income to contribute. All earnings on the CESA are tax free if they are used for educational expenses.

Simplified Employee Pension Plan (SEP)
This type of IRA account is for a corporation, partnership, or sole proprietorship. There are many added benefits to this account compared to a regular IRA. This account is tax deductible for the employer.

All of the above accounts are FDIC insured.