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Couple dancing in retirement

Couple dancing in retirement

How Do You Want to Spend Your Retirement?

Save for your dream retirement with a HOMEBANK Individual Retirement Account (IRA)

Do you have enough?

Experts say that your retirement income should be at least 80 percent of the yearly salary you earned while working. So, if you made $50,000 a year while employed, you should have at least $40,000 per year available to spend during retirement. Multiply that figure by the average life expectancy post-retirement to determine the total minimum amount you need. So, how are you doing? Check your progress with this MSN Money Retirement Calculator.

If your number isn’t where it should be at this point in your life, consider opening an Individual Retirement Account (IRA) at HOMEBANK. We offer both Traditional and Roth IRAs that can be opened with a minimum of $50, and you can choose a locked-in, fixed-year rate that operates similar to a Certificate of Deposit or a more flexible Time Open account that allows you to add money and withdraw as you wish, similar to a Money Market Account. Both compound interest on a tax-deferred basis until you withdraw it at retirement. Our current rates* are:

IRA CERTIFICATE OF DEPOSIT*

TermMINIMUM DEPOSIT TO OPEN ACCOUNTMINIMUM BALANCE TO OBTAIN APYINTEREST RATEANNUAL PERCENTAGE YIELD (APY)

Term


TIME OPEN SAVINGS

MINIMUM DEPOSIT TO OPEN ACCOUNT


$50.00

MINIMUM BALANCE TO OBTAIN APY


$50.00

INTEREST RATE


1.50%

ANNUAL PERCENTAGE YIELD (APY)


1.51%

Term


12 MONTHS

MINIMUM DEPOSIT TO OPEN ACCOUNT


$2,500.00

MINIMUM BALANCE TO OBTAIN APY


$2,500.00

INTEREST RATE


0.75%

ANNUAL PERCENTAGE YIELD (APY)


0.75%

Term


24 MONTHS

MINIMUM DEPOSIT TO OPEN ACCOUNT


$2,500.00

MINIMUM BALANCE TO OBTAIN APY


$2,500.00

INTEREST RATE


1.25%

ANNUAL PERCENTAGE YIELD (APY)


1.26%

Term


36 MONTHS

MINIMUM DEPOSIT TO OPEN ACCOUNT


$2,500.00

MINIMUM BALANCE TO OBTAIN APY


$2,500.00

INTEREST RATE


1.35%

ANNUAL PERCENTAGE YIELD (APY)


1.36%

Term


48 MONTHS

MINIMUM DEPOSIT TO OPEN ACCOUNT


$2,500.00

MINIMUM BALANCE TO OBTAIN APY


$2,500.00

INTEREST RATE


1.45%

ANNUAL PERCENTAGE YIELD (APY)


1.46%

Term


60 MONTHS

MINIMUM DEPOSIT TO OPEN ACCOUNT


$2,500.00

MINIMUM BALANCE TO OBTAIN APY


$2,500.00

INTEREST RATE


1.50%

ANNUAL PERCENTAGE YIELD (APY)


1.51%

Need to play catch-up and jump-start your retirement savings?  If you are 50 or older, you can contribute up to $7,000 for the 2019-2020 calendar years, according to government guidelines. Those under 50 are capped at a $6,000-per-year contribution.

Tax Benefits

With a traditional IRA, you will deduct your contribution from your income immediately, so you pay less taxes in the year of contribution. The money is then taxed when you withdraw the money in retirement, presumably at a time in your life when you will be in a lower tax bracket. You can’t deduct contributions from a Roth IRA, but the tax advantage is realized at withdrawal, when you won’t owe taxes on the money as long as you meet the required qualifications.

If you don’t have access to a 401(k)at work, an Individual Retirement Account (IRA) may be just what you need.

Call us today at 855-577-2001 for more information.

*Annual Percentage Yield effective as of No. 5, 2019. Rates are subject to change without notice.