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Individual Retirement Accounts

 

An Individual Retirement Account (IRA) is a special savings plan that lets you put aside money earned today for use in your retirement. Brotherhood Bank offers several types of IRAs and other tax-qualified plans. We’ll do whatever it takes to help you create the right retirement plan for your business or organization.

 

  • traditional iras

    Traditional IRAs

    Contributions to this account can grow tax-deferred and may be tax-deductible.

    • Available to persons under age 70 1/2
    • For maximum annual contribution please seek advice from your tax consultant
    • Minimum opening contributions

    Learn More >

     

     

  • roth iras

    Roth IRAs

    Contributions to this account are not tax deductible, but you are not taxed on withdrawals (including earnings).

    • Available to persons with earned income regardless of age
    • For maximum annual contribution please seek advice from your tax consultant
    • Minimum opening contributions

    Learn More >

     

     

  • transfers and iras

    Transfer and Rollover IRAs

    A rollover or transfer IRA allows you to move your IRA to another qualified plan within a 60-day period.

    • Easier transactions for tax purposes
    • No 1099s required
    • Funds keep tax-advantaged status

    Learn More >

     

     

  • simplified pension plans

    Simplified Employee Pension Plans (SEP)

    This plan provides a simple way for employers to contribute to their employee’s IRA.

    • Available to sole proprietors, partnerships and corporations
    • Low administrative costs
    • Flexible contribution options

    Learn More >

     

     

  • defined contribution plan

    Defined Contribution Plans

    This plan allows employers to give to a retirement plan for a specified annual amount.

    • Benefits based on employee and employer contributions
    • Contributions are tax deductible
    • Some restrictions on distributions

    Learn More >

     

     

  • defined plans

    Defined Benefit Plans

    This plan is based on a formula that provides a defined monthly benefit amount at retirement.

    • Available to companies of any size
    • May offer increased contribution options
    • Benefits are not dependent on asset returns

    Learn More >

     

     

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