Retirement Accounts
Whether you’re decades from retirement or in your peak earning years, we’ll help guide your path.
Roth IRA
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
Contributions may be tax-deductible and you are not taxed on gains until you withdraw them once you've reached the distribution age.
Simplified Employee Pension (SEP)
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.
Savings Incentive Match Plan for Employees (SIMPLE) IRA
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.
Which IRA Fits You?
Here's a quick guide to help you decide.
Due to the complex nature of tax law, we recommend that you speak with your tax preparer for tax-related questions.
Roth IRA
Great if you expect to be in a higher tax bracket later or prefer tax-free growth.
SEP IRA
Ideal if you run your own business or freelance, wanting flexibility in contributions.
Traditional IRA
Works well if you want a tax break now and believe your future rate will be lower.
SIMPLE IRA
A good fit for small employers who want a retirement benefit that’s easy to manage.
Contribution Limits & Rules
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There are annual contribution caps for each IRA type
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You must have earned income to contribute.
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Roth IRA contributions may be restricted if your income is above certain thresholds.
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Traditional IRA withdrawals become mandatory after age 72 (Required Minimum Distributions).
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Early withdrawals may be subject to taxes and penalties (exceptions apply).
Already have an IRA elsewhere or a different retirement plan? We make it easy to move your funds to Osgood Bank.
You can:
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Roll over a 401(k) or another IRA
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Convert a Traditional IRA to a Roth (tax implications apply)
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Transfer accounts from other institutions without triggering taxes (direct transfer)
We’ll help with the paperwork and ensure a smooth transition.
Frequently Asked Questions
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, or earned income, is income you have worked for, including salaries, wages, and self-employment income.
With 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.
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.