Personal Banking

Individual Retirement Accounts (IRAs)

At SharePoint our goal is to assist our members in preparing for their retirement years by offering them IRA products that are designed to be safe and secure. Dividends are paid quarterly on IRA savings and IRA Certificate of Deposits. Along with earning more, this is an excellent way to supplement your retirement savings account.

Which IRA product is best for you? The main question to consider is whether you want to save on taxes now or when you retire?

Traditional IRA: A Traditional IRA allows you to defer taxes on the earnings of your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which you make them. Traditional IRAs make sense if you want a tax deduction now or if you think you will be in a lower tax bracket when you retire.

Roth IRA: If you want to save on taxes when you retire, consider choosing a Roth IRA. It is a more flexible investment because you can withdraw regular contributions at any time, tax-free, and penalty-free* and you do not have to take a mandatory distribution at age 70 1/2. If you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA.

Or, Choose Both: Opening both a Traditional and Roth IRA lets you develop your own blend of tax deductible contributions to your Traditional IRA and nondeductible contributions to your Roth IRA. You can then decide which is a greater priority for you: maximizing your taxes now through a deduction or minimizing your taxes in the future with tax-free earnings.

With no minimum balance to open any IRA account or any maintenance fees, our retirement products offer members a great way to further diversify their personal savings plan.

For more information on how to open an IRA or how to transfer IRA funds to SharePoint,  call a knowledgeable SharePoint Representative at (952) 930-0700.

* This information is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For more specific information, please contact your financial advisor or tax professional.