INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

Whether you’re an organization or an individual, chances are an IRA is something you realize is a critical part of your financial future. Copiah Bank offers two great choices for personal IRAs as well as two choices for business retirement plans. Both are reserved for retirement, earn interest and are tax deferred.

Traditional IRA

A traditional IRA allows anyone under the age of 72 to contribute pre-tax income toward investments. Unlike a Roth IRA, a traditional IRA does not have an income requirement, and it is tax-deferred when the individual or beneficiary makes a withdrawal.

Roth IRA

A Roth IRA is an individual retirement account that offers growth and withdrawals into retirement tax free. Unlike a traditional IRA, you pay taxes on the investment dollars you put in on the front end. And, as long as you’ve had the account for over five years and are over 59 ½ years old, you can withdraw the money in your Roth IRA without owing federal taxes at that time.

BUSINESS RETIREMENT ACCOUNTS(IRAs)

At Copiah Bank, we want to partner with you through every season of life, and we are happy to offer business retirement plans for employers to offer their employees. Our business retirement accounts at Copiah Bank are an Inexpensive easy way for an employer to offer a retirement plan. Our plans use traditional IRAs to fund employee accounts. Both accounts require the contributor to be under the age of 72.

Simplified Employee Pension (SEP)

A Simplified Employee Pension is an IRA that is strictly employer funded and does not allow employees to contribute. This provides the employer a tax deduction benefits as a result of offering it to employees. There is no limit on the number of employees that can participate, and they can contribute as much as 25% of net earnings from self-employment. There is a 10% penalty for early withdrawal.

Simple IRA

A Simple IRA is an IRA that is employer and employee funded, allowing employers to match contributions from their employees. The employees get a tax benefit in the form of reduction, and the employer gets a tax deduction. There is a limit on the number of employees that can contribute, and the contributions are made monthly. There is a 25% penalty on Simple IRAs for early withdrawal.

CERTIFICATE OF DEPOSITS (CDs)

Looking for one of the most secure ways to save your money? A certificate of deposit (CD) is a product that allows you to save your money for an extended period of time, generally increasing the rate as the length of time increases. Copiah Bank offers great rates on CDs to give you high returns, and we even offer promotions from time to time, so be sure to contact us to get the best rate for your CD.