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Individual Retirement Accounts

Begin saving today and make those golden years a little more golden! 

Individual Retirement Accounts (IRA) can help you meet your financial goals by saving for retirement. Hometown Community Banks offers Traditional, Roth, Simplified Employee Pension (SEP), and Savings Incentive Match Plans for Employees (SIMPLE) IRAs. Please contact your Customer Service Representative for more information.

Traditional vs. Roth

Traditional and Roth IRAs each offer unique tax advantages to help you expedite your retirement savings. Compare the difference below and consult a tax advisor to see what type of IRA is right for you and your family.

Traditional IRA

  • Contributions may be tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59 ½
  • Early withdrawals are subject to penalty**
  • Mandatory withdrawals start at age 72
  • Anyone can make contributions as long as you have earned income

Roth IRA

  • Contributions are NOT tax-deductible
  • Earnings are 100% tax-free at withdrawal*
  • Withdrawals can begin as early as age 59 ½
  • Early withdrawals are subject to penalty**
  • No mandatory distribution age required
  • Anyone can make contributions as long as you have earned income


A Simplified Employee Pension (SEP) plan allows employers to contribute for their employees. A business of any size, including those self-employed, can establish a SEP.


A Savings Incentive Match Plans for Employees (SIMPLE) IRA plan is a type of tax-deferred employer-provided retirement plan.

*Subject to conditions.Consult a tax advisor.
**Certain exceptions apply. Consult a tax advisor.

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Morton Community Bank
Morton, IL
NMLS #422122
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