Accounts Built to Focus Your Retirement Savings
Planning for retirement starts with choosing the right savings strategy—and the right account. At American Community Bank & Trust, Individual Retirement Accounts (IRAs) provide a flexible and tax-advantaged way to build long-term savings and prepare for the future. Whether you’re just getting started or looking to optimize your retirement plan, our team can help you choose the option that aligns with your income, goals, and timeline. If you're interested in opening an IRA, please complete our online inquiry form.
Retirement Account Inquiry
Your Retirement Account Options
Traditional IRA
A Traditional IRA allows you to save for retirement with potential tax advantages today. Contributions may be tax-deductible depending on your income, and your savings grow tax-deferred over time. This type of account is often a strong choice if you expect to be in a lower tax bracket during retirement, allowing you to defer taxes until you begin taking withdrawals.
Roth IRA
A Roth IRA is funded with after-tax dollars, meaning your contributions are not tax-deductible now—but qualified withdrawals in retirement can be tax-free. This makes it an attractive option for individuals who expect their income or tax rate to be higher in the future and want to lock in tax-free income later on.
SEP IRA
A Simplified Employee Pension (SEP) IRA is designed for self-employed individuals and small business owners who want a simple and effective way to save for retirement. Contributions are made by the employer and can be tax-deductible, with higher contribution limits than traditional IRAs. This option is ideal for those looking to maximize retirement savings while maintaining flexibility.
Compare Our Retirement Account Offerings
Feature | Traditional IRA | Roth IRA | SEP IRA |
|---|---|---|---|
Who It's Best For | Individuals looking for potential tax savings today | Individuals expecting higher taxes in retirement | Self-employed individuals and small business owners |
Tax Treatment* | Tax-deferred growth; withdrawals taxed in retirement | After-tax contributions; qualified withdrawals tax-free | Tax-deferred growth; employer-funded contributions |
Contributions | May be tax-deductible based on income | Not tax-deductible | Made by employer (tax-deductible business expense) |
Withdrawal Taxes | Taxed as income in retirement | Tax-free if requirements are met | Taxed as income when withdrawn |
Funding | Individual contributions | Individual contributions | Employer contributions only |
Required Minimum Distributions | Required starting at retirement age | No required minimum distributions during lifetime | Required, similar to Traditional IRA rules |
*Consult your tax advisor