Roth IRA in Ohio

Roth IRA

A special individual retirement account where you pay taxes on money going into your account and future withdrawals are tax-free.

With no age requirement to make withdrawals from your account, you get to enjoy the flexibility to allow your money to keep working while earnings continue to grow tax-free.

Traditional IRA in Ohio

Traditional IRA

A great choice for those looking to direct
pre-tax income towards investments that can grow tax-deferred.  

Contributions may be tax-deductible and you are not taxed on gains until you withdraw them once you've reached the distribution age.

SEP Retirement in Ohio

Simplified Employee Pension (SEP)

This retirement option was created especially for self-employed individuals and employees of small businesses. 

The funds that you or your employer contribute to the SEP IRA is vested immediately, meaning its yours to keep no matter how long you were with the employer.

SIMPLE Retirement Plan in Ohio

Savings Incentive Match Plan for Employees (SIMPLE) IRA

If your employer offers a SIMPLE Retirement Plan, you can fund your account at Osgood Bank.

Pre-tax contributions reduce your taxable income and your money will grow tax-deferred until you make withdrawals once you reach retirement age. Contributions made by you and your employer are vested immediately.

Get Answers To Frequently Asked Questions About the
Best IRA Accounts in Ohio

Can I transfer my IRA from another institution?

At Osgood Bank we make it simple to transfer funds from another financial institution or a qualified retirement plan by doing the work for you. Call your local Osgood Branch or schedule a time for us to call you and we will set up an appointment to complete paperwork for you to send out for the funds.

Please bring with you information needed to establish an account (drivers license, proof of SSN, address verification if different than your ID). We will also need information on the financial institution where your current plan is housed including account number and type of account.

Osgood Bank recommends you reach out to your tax advisor with any in depth questions on how this move would impact your overall financial picture.

Are there income or age limits to contribute to an IRA?

There is no minimum age limit to make any type of IRA contribution. However, to be eligible to make an IRA contribution, you must have taxable compensation in an amount that equals or exceeds the amount of your IRA contribution. Taxable compensation is income you have worked for, including salaries, wages, and self-employment income.

Concerning ROTH IRA’s there are income levels that can come into play. We will be glad to give you the information concerning those limits but cannot know for sure if you will be affected. Due to the complex nature of tax law, we recommend that you speak with your tax preparer for tax-related questions.

Can I withdraw money from my IRA?

You can make a withdrawal from your IRA, however, there may be tax consequences. 

At age 72 you must begin taking a Required Minimum Distribution from your IRA annually. At age 55 you may take a withdrawal from your IRA with no tax consequences. Early withdrawal penalties may apply if your CD is not at maturity. 

There are several circumstances under which the government may waive tax consequences. Due to the complex nature of tax law, we recommend that you speak with your tax preparer for tax-related questions.

Where can I view tax forms for my retirement account?

Osgood Bank is happy to provide your tax documents through your online banking platform. We are also able to provide them to you in person at one of our locations or through a secure email portal. 

If you require assistance we can help. 

Request a call back to schedule a time to help you obtain your documents.

How much can I contribute to my IRA?

For 2021, the standard contribution limit for both Traditional and ROTH IRAs is $6,000. 

If you are age 50 years or older in the calendar year for the contribution, the IRS allows a catch-up contribution feature. This allows you to contribute an additional $1,000 each year you are eligible to contribute to your IRA.