Retirement Happens.

How you prepare is up to you. Visit INSOUTH to ensure your golden years are truly golden.

Learn More

Individual retirement accounts (IRAs) are common go-tos for millions as they prepare for retirement. These flexible, high potential accounts are ideal complements to existing employer-sponsored pensions or 401(k) plans or, in some instances, can serve as a core income sources in the years or, even, decades surrounding retirement. INSOUTH Bank offers two types of IRAs, Traditional and Roth, depending on the investor’s retirement goals and timeline, each comes with a host of unique benefits:

INSOUTH Bank also offers Coverdell Education Savings Accounts which, unlike Traditional and Roth IRAs, are designed to cover the cost of your children’s higher education. Contribute up to $2,000 annually for all children under 18 and never pay taxes on interest earned provided funds are used for qualified education expenses.

An account that allows you to defer taxes on your earnings until they are withdrawn.

  • Contributions may be permitted by qualified depositors, according to IRS rules and regulations governing IRA accounts.
  • Certain contributions may be tax deductible in the year they are made, based on how much you earn and whether you or your spouse participate in a retirement at work
  • Anyone with earned income can contribute; both spouses can each contribute, even if only one has earned income
  • Your IRA grows tax-deferred until withdrawal, at which time withdrawals are taxed as ordinary income
  • 10% early withdrawal penalty prior to 59 ½ years old; mandatory withdrawals start at age 70 ½ years
  • Certain step-ups in your eligible annual amount apply if you are over 50 years old
  • Other eligibility requirements may apply
Learn More
A nondeductible account that features tax-deferred earnings and withdrawals

  • Contributions may be permitted by qualified depositors, according to IRS rules and regulations governing IRA accounts.
  • Roth IRA contributions are taxed in the year they are earned
  • Roth IRA dollars grow tax-deferred until you withdraw money, and qualifying withdrawals are tax-free
  • 10% early withdrawal penalty prior to 59 ½ years old, but you are not required to withdraw at 70 ½ years
  • Other eligibility requirements apply
Learn More
A savings plan for a child’s higher education expenses.

  • A nondeductible account with tax-deferred distributions
  • If the distributions are used for higher education expenses, there are no taxes due on the interest earned.
  • You may contribute up to $2,000 per year per child under 18 years old
  • Other eligibility requirements apply
Learn More