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Liberty Bank IRAs

What do you want to be doing when you retire? Whether it's traveling across the country or across an ocean, or simply spending some time in your garden, planning for retirement means finding a way to put money away, watching it accumulate, and sheltering it from taxes. Liberty Bank's selection of Individual Retirement Accounts (IRAs) and other investment options let you choose a path that's right for you.

 

Recent changes to retirement: SECURE Act Reforms 

On December 20, 2019, the U.S. Congress passed the Setting Every Community Up for Retirement Enhancement Act, otherwise knows as the SECURE Act. The Act includes reforms that could make savings and retirement more accesible. Learn more about the SECURE Act here.> 

QuestionWhat is an Individual Retirement Account? What are the advantages of an Individual Retirement Account?

An IRA is an investment account that is designed to help you save for retirement. IRA earnings are tax-deferred until you make retirement withdrawals, so all of your money will continue working for you, year after year. You may even qualify to reduce your current taxable income by deducting your IRA contributions. 

QuestionHow to start an Individual IRA account?

You don't have to go to a big bank to open an IRA. We can help you determine which IRA is right for your financial stiuation and discuss the benefits of opening a retirement savings account or CD in banks like Liberty.  

Retirement Calculators

Decisions you make today will affect your retirement savings in the future. These helpful calculators can help you decide how much you need to retire, how long your money will last, and what type of IRA is a better choice for you.

 

 Which is better for me, a Traditional or Roth IRA?

How long will my retirement savings last?

 How much do I need to fund my retirement?

QuestionWhat are the differences between Individual Retirement Accounts (Roth vs. Traditional)?

These two types of Individual Retirement Accounts are both available at Liberty Bank. 

Roth IRA accounts are available to all individuals with earned income, regardless of age. Contributions are made with after-tax money, so you won't pay any tax when you make a future withdrawal from your retirement savings account (assuming you meet certain additional requirements.)

Learn more about Liberty's Roth IRA accounts

Traditional IRA accounts are also available to all individuals with earned income, regardless of age. However, as an individual pre-tax savings accounts, contributions are tax-deferred. That means you pay tax when you make withdrawals. 

Learn more about Liberty's traditional IRA accounts

Age Important Retirement Planning Milestones
50

Now you can start making catch-up contributions! You can contribute up to $6,000 more to a qualified employer-sponsored retirement plan or $1,000 more to your IRA.

55

No longer working? You may be able to start withdrawing from your 401(k) penalty-free.

59.5

Whether you're working or not, you can start withdrawing money from your 401(k) or IRA. 

62

You can start claiming Social Security benefits - but also consider carefully, as most people will be able to claim more money if they wait a few more years.

65

You now qualify for Medicare! Sign up three months before your turn 65 for the lowest premiums.

 66/67

 If you were born before 1959, you qualify for full retirement at 66 and 2 months for every year after 1954 until 1960. If you were born in 1959, you're at full retirement age at 66 and 10 months. Born after 1959? You'll be 67 before you're at full retirement age.

70

Your Social Security benefits max out at 132% of the full initial benefit! If you haven't started claiming benefits yet, now is the time.

72

If you haven't yet taken any distributions from your IRA or employer-sponsored retirement accounts, now is the time. You will need to take your first Required Minimum Distribution (RMD) this year.

What about 401K rollovers? Can I roll over my old 401(k) at banks with savings accounts or CDs for retirement?  

When you change jobs or get closer to retirement age, your best option is usually to roll over your 401(k) into an IRA. However, if you don’t have a high account balance, it can be hard to find professional advice. At Liberty Bank, we offer multiple FDIC-insured IRA options for rollovers with minimum balances of just $500.

Learn more >

I'm interested in an IRA CD with a local bank, what are Chicago IRA interest rates?   

There are several types of IRAs available; here at Liberty Bank, we offer an IRA Certificate of Deposit (CD) that gives you the tax advantages of an IRA with the security and guaranteed returns of an FDIC-insured CD, with some of the best IRA CD rates in Chicago. And of course, we never charge for record-keeping or reporting your Liberty IRA. 

See our current IRA CD rates >
Talk to an IRA Specialist

Talk to an IRA Specialist

Our IRA specialists can help you discover your best options for ensuring a comfortable retirement. 

Contact Us >
Small Business Retirement Options

If you are a small business owner or self-employed, there are retirement options out there for you. Learn more about the advantages of a SEP IRA (Simplified Employee Pension) here.

Saving for College?

A CESA (Coverdell Educational Savings Account) lets you save and withdraw tax-free for educational expenses. Learn more.