Plaquemine Bank and Trust Co. offers individual retirement accounts

Staff Writer
Plaquemine Post South
Plaquemine Post South

Plaquemine Bank and Trust Company offers Individual Retirement Accounts (IRAs) and would like customers and potential customers to know they have until April 15, 2020 to declare for 2019 taxes.

An IRA is a retirement savings tool and there are four key types of IRAs: Traditional, Roth, SEP (Self-Employed) and Simple. Traditional and Roth IRAs can be established by individual taxpayers and couples. SEP and Simple IRAs may be established by small business owners and self-employed individuals.

All IRAs, except Roth, require minimum distributions beginning at age 70 1/2 and only the Roth IRA offers tax-free distribution – other IRAs are tax-deferred. Be aware that you may incur penalties, usually 10%, from the Internal Revenue Service (IRS) and/or Plaquemine Bank for early withdrawal, which is before age 59 1/2.

At Plaquemine Bank, Customer Service Representatives ready to assist are Amanda Stanley, Tasha Wilson and Jessica Stribling. Amanda Stanley has led the IRA Customer Service Team for seven years and attends annual advanced classes.

Stanley explained, "Each year the exact rules and regulations regarding maximum contributions and other IRA details are subject to change and these classes keep our Plaquemine Bank & Trust Company team informed."

When asked why customers should select Plaquemine Bank when opening or rolling over their IRAs, Stanley replied, "Plaquemine Bank offers personal service and we sincerely care about each of our customers. Because we are a hometown bank, we know our customers and want to assist with their financial needs and help them make the best decisions for their situation. We invite anyone who is not yet a customer to consider Plaquemine Bank for your Individual Retirement Account."

Tasha Wilson added, "We are happy to help you with your retirement savings and would like you to open an account with us."

This year's Plaquemine Bank IRA campaign theme is: "IRA: Save Today for Your Future!" For 2020, the Traditional and Roth contribution limits are $6,000 ($7,000 if you are 50 years of age or older), an increase from $5,500 ($6,500 for those 50 years of age or older) in 2018. The SEP limit is the lesser of 25% of compensation or $57,000 and the Simple IRA contribution limit is $13,500 or $16,500 if age 50 or older.

Plaquemine Bank and Trust Company is a full-service community bank established in 1968. For additional information, please visit www.plaqbank.com.

Contributed by Plaquemine Bank & Trust Co.