Retirement Planning Starts Here: Understanding Individual Retirement Accounts (IRAs) at Vision Bank.
When you dream about retirement, what do you see? Do you see yourself traveling across the world with friends and loved ones? Do you see yourself being debt free – having paid off your home and car? Beginning to save for retirement is one of the most important financial steps anyone can take. At Vision Bank, we’re here to make that journey a little easier.
What is an IRA?
Individual Retirement Accounts, or IRAs, are powerful tools for building long-term savings, offering tax advantages that help your money grow more efficiently over time. Whether you're just starting to plan for retirement or looking to maximize your current savings, Vision Bank offers flexible IRA options tailored to your needs.
At Vision Bank, customers can choose from three types of IRAs: Traditional, Roth, and SEP. Each comes with unique benefits designed for different financial goals and situations.
Traditional IRA
A Traditional IRA allows you to make contributions that may be tax-deductible, with earnings growing tax-deferred until you withdraw them in retirement. This account is best suited for those who plan to be in the same or lower tax bracket when they begin taking withdrawals. Interested in learning more? Check out our Traditional IRA Calculator.
Roth IRA
Roth IRAs, on the other hand, are funded with after-tax dollars, but your money grows tax-free, and qualified withdrawals in retirement are also tax-free. This account is best suited for those who expect to be in a higher tax bracket when they begin taking withdrawals. Interested in learning more? Check out our Roth IRA Calculator.
SEP IRA
For small business owners or self-employed individuals, the SEP IRA offers an opportunity to contribute a percentage of compensation—up to 25%—on a tax-deferred basis, with the employer taking the deduction.
IRA Contributions
In 2025, individuals under the age of 50 can contribute up to $7,000 across all IRA accounts, while those aged 50 and older are allowed a catch-up contribution, bringing their total limit to $8,000. Contributions for the 2025 tax year can be made through April 15, 2026. While it is possible to contribute to both a Traditional and a Roth IRA in the same year, the combined contributions must stay within the annual limit.
Vision Bank’s IRAs are backed by our fixed-rate CD terms, offering predictable, stable growth. Customers can easily monitor and manage their IRA accounts through our secure Online Banking platform. And while we don’t provide financial or tax advice, our team is always available to guide you through the process and answer any questions.
Transferring or rolling over an existing IRA or retirement account to Vision Bank is simple, and opening a new account is just as easy. All you need is a current photo ID and your personal information. There are no fees associated with opening or maintaining an IRA at Vision Bank.
It’s also important to consider the rules around accessing your funds. Withdrawals made before age 59½ may be subject to penalties and taxes. Additionally, those who turn 73 in 2025 will need to begin taking Required Minimum Distributions (RMDs), with the first one due by April 1 of the following year.
Open Your IRA Account Today!
At Vision Bank, we’re committed to helping you plan for a secure future. If you’re ready to take the next step in your retirement planning, visit your local branch and speak with a member of our team. Your retirement deserves a vision—and we’re here to help you build it.