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American State Bank
Insite National Bank

Individual Retirement Accounts

Traditional IRA

An Individual Retirement Account is an account that allows people to save money for their retirement without being taxed on it. The money draws interest while it is being saved; and, is not taxed until the money is withdrawn after age 59 and a half. Certain contributions are tax deductible in the tax year for which you make them. *

Roth IRA

A Roth Individual Retirement Account (IRA) allows a person who does not exceed certain income limits to invest money by making non-deductible contributions that grow tax-deferred. They can make these investments whether they are covered by an employer-sponsored retirement plan or not. Working taxpayers and nonworking spouses of any age may be eligible to open a Roth IRA.

Coverdell Education Savings Account

The Coverdell Education Savings Account is a nondeductible account that features tax-free withdrawals for a very specific purpose – a child’s education expenses. These accounts were formerly known as “Education IRAs.” Qualified expenses are now expanded to include qualified elementary and secondary school expenses as well as those for higher education. *

Retirement Plans

We also offer SEP – Self-Employed Retirement Plans for retirement investing with tax savings.

* Consult your tax advisor or legal counsel for advice and information concerning your particular situation. Representatives of American State Bank may not give legal or tax advice.