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Individual Retirement Accounts (IRA)*

An IRA is a savings plan that helps you prepare for retirement. Opening an IRA with OakStar Bank can be one important step in preparing for your retirement. OakStar Bank offers IRA options to suit your individual retirement plans.

  • Traditional IRA
    Basically for anyone and tax-free growth of your investments until you take the money out at retirement. If you are 59 ½ years old or older there is no penalty for withdrawing funds. Annual contributions accepted for those who qualify.
  • Roth IRA
    This IRA is for anyone who has earned income or received alimony may contribute. Upfront taxation of retirement contributions; no future tax liability. If the account holder is 59 ½ years of age or older and the account has been open for five years, all withdrawals are tax free. Annual contributions accepted for those who qualify.

*Note: consult a tax advisor regarding the dectibility of interest

 




Educational IRA

This is a nondeductible account that allows tax-free withdrawals when the beneficiary uses the money for educational expenses (for example, tuition, fees, room and board).



Phone: (417) 877-2020 or contact us via our Secure Form.

OakStar Bank
Phone: 417.877.2020 or contact us via our Secure Form

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