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Traditional IRA

Invest in a tax-deferred interest account.
Climber in a Canyon

Benefits

A Traditional IRA from State Bank of Southern Utah is a smart choice if you are looking to save for retirement while potentially reducing your current taxable income. Contributions to this account may be tax-deductible, depending on your income and whether you or your spouse are covered by a retirement plan at work. The account earns tax-deferred interest, allowing your savings to grow more efficiently over time. Withdrawals can be made without penalty starting at age 59½, and required minimum distributions must begin by age 73 to avoid IRS penalties. As with all deposit accounts at SBSU, Traditional IRAs are FDIC insured up to $250,000 per depositor, providing peace of mind and financial security.

Talk to your New Accounts representative for details.