Save for your retirement with an Individual Retirement Account (IRA) at Star Bank!
Star Bank offers a variety of IRAs.
SEP (Simplified Employee Pension)
Frequently Asked Questions
Q: Roth IRA vs Traditional IRA?
A: You contribute after-tax dollars to a Roth IRA, so your money grows tax-free. A Traditional IRA includes contributing pre-tax dollars so withdrawals are taxed.
Q: How do I know which account is right for me?
A: A Roth IRA is best for those who expect to be in a higher tax bracket when withdrawals are staring to be made. On the other hand, a Traditional IRA is the better option for those who expect to be in a lower tax bracket when withdrawals are staring to be made. However, we recommend speaking with your tax advisor to determine which IRA is the best fit for you.
Q: What is the contribution limit?
A: The contribution limit is annual and may change from year to year. Your contribution limit might also change based on your income and filing status. Click here to see the current limits from the IRS
Q: Can I contribute to an IRA if I only work part time?
A: Yes, you can! As long as you have earned income, you can invest as much as you earn up to the contribution limit.
Start saving today!
For questions or to get your IRA started, stop into one of our offices, give us a call, or send us a message.