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Retirement

Have you begun planning for your retirement?

The experienced professionals in our American Trust Center* are ready to assist you:

  • We will look at your current and future lifestyle to determine what you'll need for retirement.
  • We will work with you when investing your retirement funds.

Would you like to save money for the future?

Choose the term that is best for you with a Certificate of Deposit:

  • Earn higher interest rates than with a Regular Savings Account.
  • Funds can be used as collateral for loans.
  • Funds can be automatically renewed upon maturity to the new market rate for an equal term.

Save a little each year for your child's or grandchild's education by opening a GrADD CD:

  • Earn a higher interest rate than a Regular Savings Account.
  • You may add to the account in $25 increments.
  • Money may be withdrawn with no penalty if used for educational purposes.

Save money on your taxes while saving for retirement with a traditional Individual Retirement Account (IRA):

  • Save money while making money; contributions may be tax deductible and interest earned may be tax deferred.
  • Make regular contributions with automatic funds transfer and avoid extra trips to American Bank Center.

With a Roth IRA you can pay now, save later, and the entire contribution is yours at retirement:

  • Interest earned is not taxed for qualified distributions.
  • Contributions may be made at any age with earned income.
  • No worries; pay taxes now and you or your beneficiary receives the entire IRA fund.

How Much do I Need to Retire?

Have you considered a retirement plan for yourself?

Rely on the professionals at American Bank Center to help you secure a comfortable retirement:

  • IRA: Accounts are established by an individual who wants to start their own fund for retirement and avoid the income tax on the earnings until retirement. These contributions are tax deductible subject to the limits.
  • Roth IRA: This account is available to allow the individual to make contributions to an account for their retirement. The contribution is not deductible but the earnings and the distribution of the account upon retirement age are not taxable.
  • IRA rollover: An individual who is changing jobs or retiring and wants or is required to remove their retirement funds from the employer's plan to a qualified account for themselves.

Have you considered a retirement plan for your employees? 

Our Trust Department* offers a number of plans, depending on the size of your business and the type of benefit you want to provide:

  • Simplified Employee Pension (SEP): Pension Plan for smaller businesses with lower costs and less reporting.
  • 401(k): Allows employees to use pre-tax dollars to build their retirement fund. It allows the employer to contribute to the employee's fund. You can choose how much control you and your employees have over the investment of these funds.
  • Profit Sharing Plans: You can determine how much of your profits you want to allocate for the retirement benefit of your employees at the end of each year. Employees can contribute after tax dollars.
  • Employee Stock Ownership Plan (ESOP): Allows the employer to contribute stock in the company for the employee's retirement.
  • Money Purchase Plan: Involves fixed employer contribution amount usually a percentage of the employee's salary.
  • Nonqualified Retirement Plans: Are usually established to defer compensation for executives that they employ

*Trust Investments may include assets which are not insured by the Federal Deposit Insurance Corporation (FDIC), not a deposit of or guaranteed by American Bank Center, and may be subject to investment risk, including loss of principal amount invested.