We will be closed on Thursday, November 28 in observance of Thanksgiving. We will be open on Friday, November 29. We wish you and your family a Happy Thanksgiving.
Individual Retirement Account
The best time to start saving for retirement is now.
401(k) Rollovers
If you are retiring or have a recent job transition, IRA’s are a great option to transfer your employer-sponsored 401(k) into.
Types of IRA Accounts and Features
Roth IRA
- Tax-free growth & withdraws (as long as it is a qualified distribution)
- No required minimum distribution
- Taxed at the time of contribution
Traditional IRA
- Not taxed until you are required to start taking distributions, currently at age 73
SEP IRA
- Not taxed until you are required to start taking distributions, currently at age 73
Compare and find the right IRA account for you!
| Income Tax | Grows Tax-Free | Contributions | Contribution Limit | |
|---|---|---|---|---|
| Traditional IRA* | Taxed at withdrawal (except post-tax contributions) | Must have earned income to contribute | $7,000 ($8,000 if 50 or older) | |
| SEP IRA* | Taxed at withdrawal (except post-tax contributions) | Must have earned income to contribute | Cannot exceed the lesser of: 25% of compensation, or $69,000 for 2024 | |
| Roth IRA* | Taxed at contribution | X | Must have earned income (within limits) to contribute | $7,000 ($8,000 if 50 or older) |
*Please contact your Tax Consultant for more information on IRA's.
Traditional, Roth, & SEP IRAs
| Term/Type | Interest Rate | APY* |
|---|---|---|
| 18 Month Variable | 3.35% | 3.39% |
| 18 Month Fixed | 4.10% | 4.14% |
| 30 Month Fixed | 4.00% | 4.04% |
| 42 Month Fixed | 3.75% | 3.79% |
*APY (Annual Percentage Yield). $2,000 minimum deposit to open account. Luana Savings Bank reserves the right to change interest rates and terms without notice. You may incur a penalty for early withdrawal and fees may reduce earnings. Roth and Traditional IRAs have a maximum contribution amount of $7,000 annually for 2024. If you are 50 or older, you can make an additional $1,000 “catch-up” contribution annually. Contributions to a SEP-IRA each year cannot exceed the lesser of: 25% of compensation, or $69,000 for 2024 ($66,000 for 2023; $61,000 for 2022; $58,000 for 2021; $57,000 for 2020 and subject to annual cost-of-living adjustments for later years.) Must be a resident of Iowa. Consult your tax advisor to know what IRA is going to be best for you and the amount you are able to contribute.
Ready to get started?
Open an Account Today
Fill out a simple form and we will be happy to assist you.
Roth IRA vs. Traditional IRA Calculator
Calculator is provided as-is solely to estimate potential rates, fees, and costs. Calculator is made available as a self-help tool and examples are hypothetical. Calculator is not intended to provide investment or tax advice.