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Retirement Plans

Individual Retirement Accounts (IRAs)

An Individual Retirement Account (IRA) is a great way to put aside funds for retirement. American National Bank Fox Cities offers several programs to choose from.

Traditional IRA

A traditional IRA is a way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed. Please consult a tax advisor.

Roth IRA

The Roth IRA was created to by the Tax Payer Relief Act of 1997. Contributions you make now are NOT tax-deductible, but can be withdrawn tax and penalty free at any time. Earnings can be withdrawn tax and penalty free for certain reasons after five tax years and 59.5 years of age. Please consult a tax advisor.

Coverdell Education Savings Accounts (CESAs)

The CESA plan allows individuals to save money for a child’s education on a tax-favored basis. Withdrawals are tax and penalty free only for qualified education expenses. Earnings are subject to tax and penalty for other withdrawals. Please consult a tax advisor.

Conduit IRAs

A Conduit IRA plan is a separate IRA established to temporarily transfer funds from one employer’s 401k plan to another firm’s plan. No commingling of funds, such as regular (non-rollover) IRA contributions is permitted. Money in a Conduit IRA may be rolled into a new employer’s plan (if allowed), providing the option to invest with your new employer.

Open Deposit IRA

Also called IRA Savings Accounts, the Open Deposit IRA can be established with a minimum contribution of $10 and continued with regular payroll deductions or deposits. The Open Deposit Account IRA has no early withdrawal penalties and deposits are made at your own convenience.