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Closings:

All Security First Bank and Insurance locations will be closed on Monday, May 27th in observance of Memorial Day. For access to your account, please use our Online and Mobile Banking, ATMs, and night drop boxes. Regular business hours will resume on Tuesday, May 28th.

Plan For Your Future

Individual Retirement Account (IRA)

IRAs can help you save for the future while taking advantage of tax-deferred growth and dividend interest. You can choose between a Traditional IRA or a ROTH IRA. Depending on the IRA you select, your contributions may be tax deductible.

Whether you choose a Traditional or Roth IRA, the tax benefits allow your savings to potentially grow, or compound, more quickly than in a taxable account. To get that tax-advantaged growth from your IRA contributions, remember to do 3 things: contribute what you can, invest your contribution, and set up automatic investments.

Compare IRAs

Traditional IRA

With a Traditional IRA, you make contributions that may be tax-deductible. Earnings are tax-deferred until you withdraw them in retirement.

  • Tax-deferred growth and tax-deductible contributions
  • You income does not affect how much you can contribute
  • You will pay taxes when you withdraw your pre-tax contributions and when you withdraw any earnings
  • Requires an opening balance of $250
  • $25 transfer fee will be charged for each IRA transfer
  • $7,000 is the 2024 maximum contribution limit, per individual
  • $8,000 is the 2024 maximum contribution limit, per individual age 50 or older

Roth IRA

With a ROTH IRA, you make contributions with money you’ve already paid taxes on. Earnings are tax-free when you withdraw them in retirement, if certain conditions are met.

  • Enjoy tax-free growth and tax-free qualified withdrawals
  • Contribute at any age
  • Your income affects how much you can contribute
  • You won’t pay taxes when you withdraw your contributions, and you won’t pay federal taxes on your earnings, as long as the maturity requirement has been met
  • Requires an opening balance of $250
  • $25 transfer fee will be charged for each IRA transfer
  • $7,000 is the 2024 maximum contribution limit, per individual
  • $8,000 is the 2024 maximum contribution limit, per individual age 50 or older

Visit with a Security First Bank representative to open an IRA or to obtain additional details and requirements for these accounts.