Individual Retirement Account

retirement account image

Secure Your Future with an Individual Retirement Account

Is an IRA Right For You? Take ourNCF One-Minute IRA Test and find out. Then call one of our customer service representatives today at 845-3636 in New Carlisle, 342-1999 in Springfield, or 667-7667 in Tipp City. Tax-deferred savings at competitive rates make retirement easy with a traditional Individual Retirement Account. Or, you can take advantage of tax-free savings with a Roth IRA from NCF. Your IRA funds can be invested in any of our Certificate of Deposit options. You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service. With an Individual Retirement Account, you may also be able defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart

IRA Deductible Contribution15% Tax Bracket28% Tax Bracket31% Tax Bracket36% Tax Bracket39.6% Tax Bracket
$1,000 $150$280$310$360$396
$2,000 $300$560$620$720$792
$2,250 $337$630$697$810$891
$4,000 $600$1,120 $1,240 $1,440 $1,584
If you’re changing employers, an IRA Rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover. You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call.

Online BankingIcon For: Online Banking

CD RatesIcon For: Rates

Term Rate APY*
10 Months 4.745 4.85
13 Months 5.13 5.25
23 Months 4.55 4.65
More Rates

*APY refers to Annual Percentage Yield based on simple interest.
Rates are subject to change without notice.
Fees could reduce earnings. Early withdrawals maybe subject to a penalty