Traditional IRA

Avoid taxes when you put money into your retirement account

  • Contributions may be tax deductible
  • Pre-tax contributions and any earnings are taxable when withdrawn
  • Withdrawals after age 59½ avoid IRS penalty, some exceptions for earlier withdrawals
  • Minimum required distributions start at age 70½

Roth IRA

Avoid taxes when you take money out of your retirement account

  • Contributions are not tax deductible
  • Funds (not earnings) can be withdrawn tax-free any time with certain requirements
  • No minimum required distributions during your lifetime, if original owner

IRA Investment Options

  • Passbook IRA – the ability to make smaller, unlimited contributions
  • Certificate of Deposit IRA – the ability to make larger contributions and earn a higher interest rate

Inquire online or find a Stearns Bank branch location.

Always consult your tax advisor to verify tax or accounting issues or visit for specific details.

Online Calculators

Use our online calculators to estimate your payments and financing costs, at various interest rates and terms. Then, contact a Stearns Bank representative to start the financing process.