Individual Retirement Account

retirement account image

Secure Your Future With An Individual Retirement Account

Is an Individual Retirement Account (IRA) right for you? Take our Community Bank of Cameron One-Minute IRA Test and find out. Then call one of our customer service representatives today for further information and complete disclosures.

About our IRA’s

IRA Passbook Account

  • No Account Opening Fee
  • No Monthly Maintenance Fee
  • No Minimum Opening Balance
  • Semi-Annual Statements
  • Interest Compounded and Credited to The Account Monthly

*Other penalties and rules on transactions are imposed on the account by the Internal Revenue Code. Fees may reduce earnings. 

IRA 18 Month Certificate of Deposit

  • No Account Opening Fee
  • No Monthly Maintenance Fee
  • Minimum Opening Deposit of $1,000.00
  • Annual Statements
  • Interest Compounded and Credited to The Account Quarterly and at Maturity
  • Automatically Renewable at Maturity

*Other penalties and rules on transactions are imposed on the account by the Internal Revenue Code.  Subject to penalties with early withdrawal.

Potential IRA Tax Savings: You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With an Individual Retirement Account, you may also be able to defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able to save each year. You may want to consult your tax adviser to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart:

IRA
Deductible
Contribution
Amount
15 %
Tax
Bracket
Savings
28 %
Tax
Bracket
Savings
31 %
Tax
Bracket
Savings
36 %
Tax
Bracket
Savings
39.6 %
Tax
Bracket
Savings
$ 500 $ 75 $ 140 $ 155 $ 180 $ 198
$ 1,000 $ 150 $ 280 $ 310 $ 360 $ 396
$ 2,000 $ 300 $ 560 $ 620 $ 720 $ 792
$ 2,250 $ 337 $ 630 $ 697 $ 810 $ 891
$ 4,000 $ 600 $ 1,120 $ 1,240 $ 1,440 $ 1,584

If You’re Changing Employers:
An IRA rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call in Cameron at (715) 458-2513 in Grantsburg at (715) 463-3456 or in Siren at (715) 349-7499.