Individual Retirement Accounts

Tax-deferred savings allows for a more rewarding retirement

A simple, tax-deferred retirement strategy is a smart option for your future, whether it’s a long way off or coming up fast. Retirement is more enjoyable when you plan and save for it. At Midland, we offer several Individual Retirement Account (IRA) programs that can start you on your journey. What’s more, IRAs offer attractive tax advantages. The sooner you start contributing to an IRA and the longer you let your money grow, the more you benefit!

Traditional IRA

A traditional IRA offers the potential for tax-deductible contributions and the opportunity for your earnings to grow tax-deferred until they are withdrawn.

  • Anyone under 70 1/2 years of age with earned income is eligible
  • Contributions may be tax-deductible
  • Earnings grow tax-deferred until withdrawn
  • Funds are eligible for withdrawal at or after age 59 1/2
  • Withdrawn funds are taxed at current tax rate
  • Withdrawals made prior to 59 1/2 may incur a 10% penalty
  • Distribution must begin at age 70 1/2

Roth IRA

A Roth IRA provides the opportunity for your earnings to grow tax-free.

  • Contributions are not tax-deductible
  • Contributions (not earnings) can be withdrawn tax free at any time
  • Earnings are tax-free if both criteria are met:
    • Withdrawn after age 59 1/2
    • Account has been open five years or more
  • Income based contribution restrictions may apply

IRA Rollover and Transfers

An IRA Rollover allows you to move your retirement savings from previous employer-sponsored plans, such as a 401(k), or transfer an existing IRA while maintaining the tax advantage status of your retirement savings benefit. Qualifying funds can be rolled into either a traditional or Roth IRA.

Talk to us.

We offer a variety of products which you can designate as an IRA. In addition, through Midland's Wealth Management Services, we can help you with your retirement planning and non-bank products that may work best for your retirement needs. Visit any Midland States Bank office to talk with a financial representative about your retirement plan.