Accounts to Develop a Retirement Savings Strategy
When can I retire? Am I saving enough for retirement? How long will my current retirement savings last? If you don’t know the answers to these questions, it’s time to start thinking about a individual retirement account (IRA) from American Community Bank. We offer a variety of options that include:
- Simple IRAs
- Roth IRAs
- 18-month variable IRAs
Developing the right retirement strategy requires the right account. Please contact our team to learn more about which retirement account may be the right choice for you. Supplementally, to take a more in-depth look at your retirement plans and options, speak with a Financial Advisor with American Financial Services, the bank's Wealth Management solution.
What You Should Know About American Community Bank Retirement Accounts
Different IRAs have different requirements and tax implications. We encourage you to consult with your tax advisor to determine which retirement account is the right choice for you. In general, here are the key things you need to know about the retirement accounts offered at American Community Bank:
- Minimum deposit of $1,000
- The daily balance method is used to calculate interest on the account
- A penalty will be assessed for early withdrawal
- Accrued interest will compound quarterly on the account
- Interest will accrue based on a 365-day year
- Interest begins to accrue on the day American Community Bank receives credit
- Interest is not credited if the customer closes the account before receiving the accrued interest