Retirement/IRAs

A Better Future

Many financial advisors and experts predict the average American may need as much as 85% of their pre-retirement income during retirement. While you may be contributing to a 401(k) at work, there is more you could be doing to help make your retirement a reality. Let’s look at a few options you have through your hometown Sentry Bank. Be sure to contact our team with any questions!

IRAs

One of the most effective ways to save is with an IRA, or individual retirement account. An IRA allows you to take advantage of potentially tax-deferred or tax-free growth.

If you are able, contribute the maximum amount to your IRA each year to prepare for retirement. An IRA should be adjusted regularly, usually annually but possibly more often as retirement nears and your goals change.

IRAs are individual accounts—this means you and your spouse would have separate IRA accounts.

There are two types of IRAs we offer:

Traditional
With a Traditional IRA, you take pre-tax money from your earnings and place it into this account. Your earnings within the IRA can potentially grow tax-deferred until you withdraw them in retirement. Once you’re retired, you may be in a lower tax bracket than before retirement, so the money you pull out may be taxed at a lower rate.

Roth
With a Roth IRA, you take money you’ve already paid taxes on and place it into this account. Your earnings within the Roth IRA can potentially grow tax-free, with tax-free withdrawals in retirement if certain conditions are met.

Certificates of Deposit

A CD, or certificate of deposit, is a savings certificate with a fixed maturity date, meaning you can only pull money out of the account once that date is reached or a penalty will be incurred. The positive side is that CDs generally have great interest rates to offset not having access to your money for some time.

At Sentry Bank, we have CD options ranging from 3 months to 5 years. CDs can generally be made out in any amount more than $500, and are insured by the FDIC up to $250,000 per individual.

Savings Accounts

At Sentry Bank, our personal savings accounts come with a low minimum balance, so you can save as much as you want, and use it when you need it without worrying about having to close the account.

Stop by a Sentry Bank Location Today

Stop by any of our four convenient locations and see how we can help you start saving for your future.