- Personal Banking
- Savings & Investing Products
- Personal IRAs
With today’s uncertain economy, it’s never been more important to make sure your retirement funds are tax sheltered and working to YOUR best advantage. For over 109 years, Stock Yards Bank has listened to our customers and worked to help make their retirement goals a reality. We specialize in Traditional, Roth, and Beneficiary IRAs for individuals. Our expertise in the IRA field gives our customers added insight on the sometimes complex rules associated with IRAs. Our goal is to help our customers get the very most of their retirement assets and we are proud to offer a highest level of service.
If you are retiring or changing jobs, don’t leave your 401(k) or pension behind. We make it easy to transfer your existing retirement plan into a Rollover IRA to keep those funds tax sheltered and growing towards retirement. Then, when you are ready to turn that lifetime accumulation of funds into a source of income, we will work with you to properly structure your investments to provide regular distributions.
IRA contribution limits are higher than ever before and a Traditional IRA is the perfect way to save on a tax favored basis. Workers age 50 and older can make ‘catch-up’ contributions to help accelerate investment growth. Remember, your contribution may be tax-deductible depending on your income and retirement plan participation status. And, best of all, any interest generated by the account remains tax-deferred until withdrawn.
Now Roth IRAs have higher limits too and new opportunities for conversions from Traditional IRAs. Roth contributions are not tax-deductible, but your earnings grow tax-deferred and are withdrawn TAX FREE after five years and attainment of age 59 1/2. Also, you can always withdraw your principal contributions tax-free and IRS penalty-free for any reason. Unlike a Traditional IRA, a Roth IRA allows contributions after age 70 1/2 for working individuals with no mandatory distribution requirements.
New regulations have relaxed many of the restrictions for non spouse beneficiaries to transfer and rollover retirement funds to an inherited/beneficiary IRA. Keeping these assets tax sheltered should be top priority for any spouse or non spouse beneficiary.