Individual Retirement Accounts (IRA)
Retirement and Business Solutions
Retirement may or may not be on your immediate horizon. But, it’s an important component of your business planning – not only for yourself but for your employees.
Building a plan and establishing benefits and resources to help with employee satisfaction and retention can help with sustaining business operations and increasing overall performance. And while it is difficult to think of someone else running your brain child of a business, having a succession plan in place for when you do retire may give you peace of mind and keep your company on course.
Your personalized team of HNB Business Bankers and representatives of our HNB Financial Group can offer support and resources to help you move your business forward.
Get in touch with us today to start preparing for the future.
Building a plan and establishing benefits and resources to help with employee satisfaction and retention can help with sustaining business operations and increasing overall performance. And while it is difficult to think of someone else running your brain child of a business, having a succession plan in place for when you do retire may give you peace of mind and keep your company on course.
Your personalized team of HNB Business Bankers and representatives of our HNB Financial Group can offer support and resources to help you move your business forward.
Get in touch with us today to start preparing for the future.
An IRA is the perfect way to provide for financial security in your retirement years. Your IRA contributions grow tax deferred for the future and may save you tax dollars now. Rates are determined by the term of the investment. Open your IRA for as little as $50.00 and we will help you establish a systematic deposit plan. Let us assist you with transferring the proceeds from an existing qualified pension or IRA plan to HNB (Rollover). Roth and Self-Directed plans are also available. Fees could reduce earnings.
Please contact your local HNB Office regarding annual percentage yields and early withdrawal penalties. Consult your accountant regarding tax deduction eligibility. IRA’s are insured by the FDIC separately from other accounts you may have at HNB.
An excellent opportunity for small businesses to reward and retain employees. A Simple IRA is an employer-provided Individual Retirement Account (IRA) plan. It is an employer sponsored plan, like more well-known plans such as the 401(k) (profit-sharing plans) and 403(b) (Tax Sheltered Annuity plans), but offers simpler and less costly administration rules.
Like a 401(k) plan, the Simple IRA is funded by a pretax salary reduction. Similar to other salary reduction contributions, these deductions are subject to social security, medicare, and FUTA. Contribution limits for SIMPLE plans are lower than other types of employer-provided retirement plans. Fees could reduce earnings.
A Simplified Employee Pension Individual Retirement Account (SEP IRA) is a variation of an IRA. SEP IRAs are adopted by business owners to provide retirement benefits for the business owners and their employees. There are no significant administration costs for the self-employed person with no employees. If the self-employed person does have employees, all employees must receive the same benefits under an SEP plan. Since SEP accounts are treated as IRAs, funds can be invested the same way as any other IRA. Fees could reduce earnings.
If your employer provides for retirement with a SEP, you have the choice of where and how the contribution is invested. If the SEP is at another institution, you can instruct that the contributions be made to your IRA account at HNB.
A 401(k) plan is a retirement offering selected by larger companies that provides employer matching funds for employee contributions. A 401(k) plan allows a worker to save for retirement and have the savings invested while deferring income taxes on the saved money and earnings until withdrawal.
The employee elects to have a portion of his or her wages paid directly, or “deferred,” into his or her 401(k) account. In participant-directed plans (the most common option), the employee can select from a number of investment options, usually an assortment of funds. Some companies’ 401(k) plans also offer the option to purchase the company’s stock. The employee can generally re-allocate money among these investment choices at any time. In trustee-directed 401(k) plans, the employer appoints trustees who decide how the plan’s assets will be invested. Fees could reduce earnings.
Other Retirement Accounts
HNB offers additional retirement planning options to fit the unique needs of your business.
Among them are:
HNB offers additional retirement planning options to fit the unique needs of your business.
Among them are:
- Profit Sharing Plans
- Defined Contribution Plans
- Defined Benefit Plans
- Non-Qualified Deferred Compensation Arrangements including 457 Plans and Rabbi Trusts
Fees could reduce earnings.