IRAs

Individual Retirement Accounts (IRAs)

and

Coverdell Education Savings Accounts

Consider how an IRA can meet your retirement savings needs. Stop by a financial center near you or call 1-866-642-7736 today.

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Planning for your golden years is an important part of your financial strategy. Putting away money for your retirement now allows you to enjoy peace of mind later on and can even offer tax advantages. Individual Retirement Accounts (IRAs) are specifically designed to grow your money faster and keep your investment secure.

Mid Penn Bank is proud to offer three types of IRAs, including:

  1. Traditional IRAWith this account, your taxes are deferred.  A Required Minimum Distribution (RMD) must be taken each year upon reaching the required age.  Owners who were not age 70½ or older by the end of 2019 are subject to rules allowing additional time before RMDs must be taken. Through 2022, the Required Beginning Date (RBD) for traditional IRA owners was April 1 of the year after attainment of age 72. For years after 2022 through 2032 the RBD is April 1 of the year after attainment of age 73. After 2032, the RBD will be April 1 of the year after attainment of age 75. Distributions are taxed as income.
  2. Roth IRA – While contributions are taxed, qualified distributions are permitted at any time (CD penalties may apply). Distributions are typically tax-free.
  3. Simplified Employee Pension (SEP) IRA – This account allows an employer (typically a small business or self-employed individual) to make retirement plan contributions into a Traditional IRA established in the employee’s name.

Mid Penn Bank also offers Coverdell Education Savings Accounts:

Coverdell Education Savings Account – This account helps families save for their children’s education expenses. Contributions are not tax deductible, but earnings are tax deferred and distributions for qualified education expenses are tax free.

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Starting now allows you to save more for retirement. To learn more or to open a SEP, Roth or Traditional IRA, contact us today.

Why Save for Retirement?

Even if you have a pension or another source of income, a retirement account ensures you have the money you need to cover your bills, healthcare and other costs. With inflation, your pension and other savings may not go as far as you think. An IRA ensures you have extra money well into the future.

How to Save for Retirement with IRAs

Mid Penn Bank makes it easy to open an IRA — and to find the IRA that’s right for you. Whether you live in Schuylkill County or Cumberland County, our local experts are here to help you plan for the future.

Visit our Financial Calculators page and check out the calculators for Personal Planning or Retirement.

A tax or legal professional should be contacted for guidance when appropriate.

Open an IRA Today!

If you’re looking for an Individual Retirement Savings Account in Pennsylvania or New Jersey, Mid Penn Bank offers a number of choices. In addition, our friendly team understands what it’s like to retire in this community and how much you need to set aside to live comfortably. We can develop a personalized strategy to help you plan for the future, or we can help you open your IRA quickly and easily.

To learn more or to open a SEP, Roth or Traditional IRA, contact us today.