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 Fremont National Bank also offers IRA Rollover accounts.
These accounts are an effective way to continue tax deferred status of funds if you:
- Retire with a lump-sum payout from your employer's retirement plan.
- Change jobs and receive a lump-sum payout from your former employer's retirement plan.
- Get a lump sum payout from your deceased spouse's company retirement plan.
Two advantages to investing in an IRA Rollover account at Fremont National Bank are:
- You postpone and possibly reduce the tax you would owe on a large payout from your employer's retirement plan.
- Your funds continue to grow, fully tax-deferred, until you make withdrawals.
Provided you "rollover" your payout into an IRA Rollover account within 60 days of receiving a retirement fund payment, you may owe no current tax on the payout. There is no limit on the size of the lump-sum payout that you can put into a rollover account.
You can place part of your payout into long term investments for a guaranteed maximum return over a fixed period of time, and part into investments with shorter maturity dates.
You can set up an IRA and a Rollover IRA at Fremont National Bank. Just visit one of our Personal Bankers for help in understanding the legal responsibilities and advantages of the Individual Retirement Account.
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