Start saving for retirement with an IRA.
If you’re planning for a long, active retirement, you’ll want an account that will help you stay on track. Utilizing an IRA account is one of the best ways to accomplish that goal. In a few easy steps, we can start a new Individual Retirement Account (IRA) or transfer your existing IRA from any other financial institution. Look through the different options that Landmark offers below.
Individual Retirement Account Plans
Landmark offers three distinct plans for Individual Retirement Accounts. Each account has unique qualities depending on contributions, growth, and tax deductions. See the main differences between each account below or schedule an appointment today and learn how to set up one of these retirement plans.
This account type allows you to contribute pre-tax dollars where investments grow tax-deferred until withdrawals during your retirement. Contributions may be deductible from your current taxable income and withdrawals may be taxed at your current income tax rate upon retirement.
- Best plan to start with to roll over your pension or 401(k)
- Good option for people that know their tax rate will be lower after retirement
- Contributions may be tax deductible
- Income Taxes are owed on withdrawals
- Annual contribution limit of $6,5001
This retirement account type allows you to put money you have already paid taxes on into a Roth IRA. You pay taxes on the money going in and all future withdrawals are tax free. Earnings may be subject to taxation and IRS penalties if certain conditions, such as the 5-year test and qualifying reasons (death, disability, or reaching age 59 1/2), are not met for a qualified distribution.
- Great for individuals who are looking for tax-free growth
- Contributions are not tax deductible
- Qualified withdrawals are penalty and tax-free
- Flexible access to contributions made.
- Do not have a required minimum distribution (RMD) at age 73
- Annual contribution limit of $6,5001
SEP plans offer an excellent opportunity for securing retirement income. Employers can allocate funds into retirement accounts for both themselves and their employees. What sets SEP plans apart is their cost-effectiveness, as they eliminate the initial setup and ongoing operational expenses typically associated with traditional retirement plans.
- Great for small business owners and those who are self-employed
- SEP is an employer-sponsored traditional IRA retirement plan
- Contributions to a SEP come from the employer, allowing for a contribution of up to 25% of each employee's pay. but both the employer and eligible employees can make contributions to SEP IRAs.
Individual Retirement Account Options
Want to set up a retirement account for yourself? We can work with you and make the process informative and uncomplicated. Remember to review your finances and choose the accounts that best fit your overall strategy. Each of these plans is made up of one or several Individual Retirement Accounts that can benefit you. Schedule an appointment at your nearest branch and start earning interest on the money you set aside to grow your retirement savings. Learn more about Individual Retirement Account options by viewing each account type below:
Currently retired or changing jobs?
Consider moving your 401(k) and/or pension to Landmark! Visit any branch for transfers or rollovers, and bring your most recent statement or distribution election packet.
IRA Frequently Asked Questions
For the most current IRA contribution limits, please see IRS Publication 590.
We can easily arrange weekly contributions to your IRA from your payroll. To get started, simply visit any of our branch locations. You'll need to complete a contribution form during your initial deposit. After that, your contributions will be automatically transferred each week.
We're here to assist you with the setup and answer any questions you may have.
Yes, you can roll over your 401(k) into an IRA. If you're considering a direct rollover from an employer plan, the employer will typically provide the necessary paperwork. At Landmark, we can assist you with the Direct Transfer paperwork required to move your 401(k) into an IRA. To initiate transfers or rollovers, visit any branch location, bringing along your most recent statement or distribution election packet.
Are you looking to enhance your overall financial management? Please don't hesitate to contact us for additional information and to arrange a no-obligation consultation. We're here to help you make informed decisions about your financial future.Disclosure - Securities, Financial Planning, and Insurance Products are offered through LPL Financial, member FINRA/SIPC. Not NCUA insured. No credit union guarantee. May lose value. Landmark Credit Union and Landmark Investment Center are not a registered broker/dealer, nor are they affiliated with LPL Financial.
- Interest earned is tax-deferred, and contributions may be tax-deductible if IRS requirements are met
- Withdrawals from the account may become taxable
- No income limits to contribute, but MAGI limits apply for tax deductions
- Early withdrawals before retirement age (59 1/2) may result in taxes and a 10% penalty.
- Funded with post-tax money, allowing for tax-free withdrawals in retirement.
- Contributions have income limits
- Allows contributions at any age, providing flexibility
- No mandatory withdraw requirements, allowing you to keep your money invested for as long as you like.
- You can withdraw your contributions at any time without penalty, offering liquidity and financial control.
Opening an IRA is accessible with an initial balance of $0.00, coupled with a new or existing $5 Landmark savings account. While this minimal amount allows you to establish your IRA, it's important to note that we offer a range of investment options, some of which may necessitate a higher initial deposit.
Are you interested in enhancing your overall financial management? Contact Us today for additional details and to arrange a no-obligation consultation. We're here to provide you with valuable insights and guidance.
Disclosure - Securities, Financial Planning, and Insurance Products are offered through LPL Financial, member FINRA/SIPC. Not NCUA insured. No credit union guarantee. May lose value. Landmark Credit Union and Landmark Investment Center are not a registered broker/dealer, nor are they affiliated with LPL Financial.