Individual Retirement Accounts (IRAs)

Individual Retirement Accounts are a great way to start saving for your future. Southern Bank has a great selection of tax-deferred IRA investments to suit your needs. Select from:

• Traditional IRAs: These investments have been popular with many Americans for years. In many cases, the contributions are tax deductible and the earnings are tax-deferred until retirement.
• Roth IRAs: The earnings are Tax-Free, as opposed to tax-deferred at retirement, while contributions are made with after tax dollars.
• SEPs: Simplified Employee Pensions allow greater flexibility and higher contribution limits than IRAs. Self-employed individuals and small business owners prefer SEPs.
• Coverdell Education Savings Account: This savings account allows you to contribute up to $2,000 per child per year for use with secondary and post secondary educational expenses. Contributions are after-tax, and earnings are Tax-Free.
• SIMPLEs: Savings Incentive Match Plans for Employers are salary deferral plans that allow businesses to make matching contributions to their employees' accounts. SIMPLE accounts are specifically designed for small businesses.

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