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Retirement |
At Orrstown Bank, we recognize that planning ahead for your retirement is an important step in assuring a financially secure retirement. We offer a number of different options to meet the varying needs of our customers. Options include various IRA accounts available at our branches or complete retirement investment planning with our Financial Advisors.
Anyone with earned income or alimony may contribute to an IRA, and depending on your income, contributions may be deductible on your federal income tax return. It's never too late to invest in an IRA, and you don't have to contribute the maximum amount every year. You may begin withdrawing your F.D.I.C. insured funds at age 59½.
Orrstown Bank offers three different ways to invest funds in an Individual Retirement Account through our branch network:
- Make deposits as you want. Your interest grows as your balance grows.
- No minimum balance requirement to open or maintain the account
- No fixed maturity dates
- Tiered interest rates - the higher the balance, the higher the interest earned
- Funds are invested for 18-month terms. Choose between a fixed or variable interest rate.
- Automatically renewable
- Additional funds may be added at anytime during an 18-month term
- Passbook issued for easy record-keeping
- Low minimum balance to open the account
- Six month interest penalty for early withdrawal
- Invest your funds from 3-month to 10-year terms
- Interest accrues daily and compounds monthly
- Rates guaranteed for the term of the certificate
- Automatically renewable
- Early withdrawal penalty may apply
We offer complete retirement investment planning through our Financial Advisors.
- Maximum qualified contribution per person per year applies. Contributions may be tax deductible (certain restrictions may apply)
- Withdrawals may be made after age 59 1/2. Required distributions at age 70 1/2
- Funds are tax deferred until withdrawn
- Maximum income limits apply
- Maximum qualified contribution per person per year applies (from all IRAs)
- Contributions are after-tax dollars and not tax deductible
- Contributions may be withdrawn any time, tax-free and IRS penalty-free after the first five years
- Earnings are tax-free for qualified withdrawals
- No age restrictions on contributions or withdrawals
A new type of IRA that allows employers to provide their employees with a tax-advantaged retirement savings plan. Our office representatives can tell you if any of these plans will work for your company.
A retirement program that allows employers to contribute a certain percentage of an eligible employee's compensation directly to an IRA.
Current rate information for our CD Specials is available on our website, or call 1.888.ORRSTOWN or 530.3530, to talk with a Customer Service Representative.
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