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Retirement Planning

Face the future with confidence

Retirement is a team sport, which is why we help you choose an IRA or keep track of all your finances, creating a flexible plan that adjusts as your needs evolve.

Traditional IRAs

An interest-bearing, tax-deferred account for the purpose of saving money for retirement. IRAs may be CDs with certain restrictions and limitations, including a minimum amount of at least $500; Vallant Bank offers Traditional, Roth and Educational IRA’s.

Features:

  • Earns interest
  • Amount withdrawn is taxed at the time of withdrawal so you may be in a lower tax bracket at this time
  • Must begin withdrawing at age 70 ½
  • A non-working spouse can deposit up to $4,000 annually
  • Pays interest quarterly, semi-annually or at maturity
  • Automatically renewable
  • Interest may be paid by ACH, compounded, or deposited into the customer’s existing account
  • Annual contribution limits apply

Benefits:

  • Retirement savings/planning
  • Amount withdrawn can be taxed at that time and customer may be in a lower tax bracket at that time
  • IRAs from other institutions may be transferred here
  • Company retirement rollovers/401Ks may be deposited as IRAs
RothIRA

Roth IRAs

An interest-bearing account for the purpose of saving money for retirement. IRAs may be CDs with a minimum balance of $500.

Features:

  • May be withdrawn at 59 ½ years of age without penalty
  • Some withdrawals are tax-free
  • Pays interest quarterly, semi-annually or at maturity
  • Automatically renewable
  • Interest may be paid by ACH, compounded, or deposited into the customer’s existing account
  • Annual contribution limits apply*
  • Contributions are nondeductible, some withdrawals are tax-free
  • Good for those who will be in a higher tax bracket when they retire

*Contribution limits are set by the IRS

Benefits:

  • Retirement Savings/Planning
  • Amount withdrawn can be (on Traditional IRAs) taxed at that time and customer may be in a lower tax bracket at that time (Roth IRA is not taxed at withdrawal)
  • IRAs from other institutions may be transferred here
  • Company retirement rollovers/401Ks may be deposited as IRAs