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Retirement Accounts

Start Saving for Your Retirement

When can I retire? Am I saving enough for my retirement? Will what I’m saving right now allow me to live the way I want when my working days are done?

If you’ve ever asked yourself any of these questions, you’re not alone. It’s never a bad time to start saving more for retirement. At San Luis Valley Federal Bank, we offer multiple options to allow you to save for your retirement more effectively. Stop into one of our offices to speak with our team about how we can help you.

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Your Retirement Account Options

You should be able to choose the way you want to save for your retirement. We give you multiple account options to choose from, including:

  • Savings accounts
  • Certificates of deposit
  • Individual retirement money market account
Account TypeWhat You Should Know About This Account1
Traditional IRA

Great way to supplement a personal retirement plan

Those with earned income could be eligible to contribute

Earnings grow tax-deferred

Annual contributions may be tax-deductible

Roth IRA

Powerful combination of retirement savings tax benefits

Persons of any age are eligible if they meet certain income criteria

Contributions are not tax-deductible

Earnings grow tax-free

No tax or penalties on qualified withdrawals

SEP Account

Low cost alternative for retirement savings

Self-employed or small business owners are eligible to establish a SEP for themselves and their employees

Contributions and earnings grow tax-deferred until withdrawn

Simple IRA Plan

Ideal for small employers who do not currently sponsor a retirement plan

Easy to set up and low administrative costs

Employees and employers are eligible to make contributions for employees

Coverdell Education Savings Account

Tax-free way to save for a child’s educational expenses

Funds can be used for expenses related to elementary, secondary and college education.

HSA Checking Account

Contributions and withdrawals are tax-free when used on qualified medical expenses

Funds roll over from year to year

Must be enrolled in a High Deductible Healthcare Plan to be eligible

Free access to online and mobile banking

1Consult Your Tax or Legal Professional for Guidance