Traditional IRA
An Individual Retirement Account (IRA) is your ticket to a secure financial future.
Home Federal Bank is committed to aiding your financial security. That's why we only require an initial deposit of $100 to open an IRA. As your community bank, we'll be available every step of the way to assist in your investment needs.
- Summary
- Traditional IRAs offer immediate tax benefits*
- Contributions are tax deferred until withdrawal
- $25 minimum contribution; only $100 to open
- Can be opened and funded without employer participation
- Increases savings since withdrawals may be subject to lower tax bracket
- Funds are always available, but early withdrawal results in a penalty fee**
*Contact a tax professional for information regarding your personal tax benefits.
**There are some exceptions to make early, penalty-free withdrawals from your IRA, such as medical expenses uncovered by insurance, purchasing a first home or higher education expenses.
