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IRAs & SEPs


For our customers who are thinking ahead to retirement, we have four ways to help you enjoy tax deferred interest income.

Individual Retirement Account (IRA)

Tax deferred interest income is available to anyone with a United Bank IRA. You and your spouse can contribute up to the defined limits each year, with the taxes on any interest earned postponed until the money is withdrawn. What's more, the contribution itself may be tax deductible that year. (Consult your tax advisor for the deductibility of any item.) An IRA certificate of deposit is FDIC-insured for added protection of your retirement nest egg.

Roth IRA

The Roth IRA is an Individual Retirement Account (IRA) that gives you the ability to invest after-tax dollars as a non-deductible contribution and later withdraw the funds generally tax-free. This version of the IRA is referred to as a "back ended" IRA. Unlike a traditional IRA, you cannot deduct your contributions to a Roth IRA from your taxes. The plan allows the money you contribute to grow tax-free. Furthermore, contributions may be made to a Roth IRA even if the owner participates in a qualified retirement plan such as a 401(k).

Simplified Employee Pension Plans

If you are self-employed or own a small business, we also offer Simplified Employee Pension Plans. These plans allow higher contributions, provide greater tax savings, and are a valuable benefit for your employees. Ask your United Bank customer service representative for more information concerning this service.

IRA Rollover

If you change jobs or financial institutions, we offer IRA rollover services to make sure your IRA remains tax deferred when it is transferred. Contact one of our IRA specialists for more information on this product.

 

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