Bank Independent’s retirement funding programs provide growth comparable to Wall Street equivalents.*
Program DescriptionBank Independent has created a retirement funding program with good growth potential and safety of your principal. First, let’s start with why you need to save.
Many people think that Social Security will cover their retirement costs only to find that it typically covers only a third and they are forced to draw on savings, or keep working.
Typical Income Sources for Retirement Aged PersonSource: US News, Money Retirement, 8/2011
Growth ExamplesA well thought out savings plan can use time to your advantage. The example below shows how a moderate monthly savings amount can grow in an IRA plan unencumbered by current taxation.
Growth and the Power of Tax DeferralIllustrative growth of a 2 year time deposit at .71% APY (Annual Percentage Yield) compounded annually. Rate on 7/15/2012 and assumes an initial deposit of $1. Rates are subject to change after account opening. A penalty may be imposed for early withdrawal. No minimum balance is required to earn the APY.**
Your IRABank Independent monitors FDIC Insured Certificates of Deposit (CDs) and other market rates in setting a competitive rate for the term of the long term growth IRA. Note that if you withdraw the funds prior to the IRA’s maturity, it may be subject to a substantial interest penalty.
Checking Choices You can fund your Retirement Express account from any Bank Independent checking. Note that some plans even waive the monthly service fee based on the amount saved monthly.
* Compare our rates to non-FDIC alternatives by visiting iMoneyNet.com. There you’ll find iMoneyNet Money Fund Averages that reflect the average return of US money market mutual funds. You can also review the top 15 retail funds individually. Either way, you’ll find that our FDIC insured money market accounts and CDs provide competitive returns - with the added safety of FDIC insurance.** Fees may apply depending on the account you have chosen to open at the bank.
Custom Calculators for Retirement PlanningWe have several calculators to help you with retirement planning:
How will retirement affect my expenses?
Am I saving enough? What can I change?
How will this account be used?
What will I earn with this account?
How advantageous is increasing my savings?
Which savings or income source will be the largest?
How much can I contribute to my retirement plan each year?
What if I underestimate my expenses?
What will my income be after I retire?
What will my expenses be after I retire?
What happens if tax laws change?
How much of an effect can inflation have?
Which savings should be used first?
How much will Social Security provide after retirement?
What if Social Security no longer exists?