Individual Retirement Accounts

Retirement Planning

An active, secure future is all about sensible planning and making your money work harder. American National Bank of DeKalb County provides you with Individual Retirement Account (IRA) options to meet your individual needs.

Traditional IRA – Take advantage of tax-deferred earnings and possible yearly
tax deductions.
Roth IRA – With this new IRA, your contributions aren’t tax deductible, but your
withdrawals are tax free if certain conditions are met.
Education IRA – An innovative way to save for a student’s education

	Traditional IRA	Roth IRA	Education IRA
Age:	Must be under 70 ½ at year end	No age limit	No limit for contributors. Designated student must be under age 18
Income:	Must have taxable compensation for the year	Must have taxable compensation for the year Full contributions are allowed for individuals with Adjusted Gross Income (AGI) of up to $95,000 - $150,000 if married filing jointly Partial contributions allowed for AGI between $95,000 - $110,000 if single, and between $150,000 - $160,000 for married filing jointly Participation in an employer retirement plan does not affect eligibility	For contributors, full contributions are allowed on AGI up to $95,000 if single or $150,000 if married filing jointly Partial contributions allowed for AGI between $95,000 - $110,000 for singles and between $150,000 - $160,000 for married filing jointly
Who can contribute:	May be opened for a non-working spouse	May be opened for a non-working spouse	The designated student or any other person You need not be related to the designated student to make a contribution

Please consult your tax advisor for current income levels.