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INDIVIDUAL RETIREMENT ACCOUNT (IRA)
- Personal tax-sheltered retirement plan for
individuals
- State Bank acts as the custodian for funds
- Individual with earned income under the age of
50 may contribute $5000 (or 100% of compensation if smaller)
Individual with earned income over the age of 50 may
contribute $6000 (or 100% of compensation if smaller) into an IRA.
*Early Withdrawal
Penalty—An early withdrawal fee of $25.00 will be charged if the
withdrawal is made before the account holder reaches 59 1/2 years of
age.
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