Plan Ahead for Your Retirement Years by Putting Money in an IRA

If you are like most individuals, you work hard every day. Each day of work gets you one day closer to your goal of retirement. What are your retirement goals? With an Individual Retirement Account (IRA) from BCBank, Inc., you can begin planning today to help you achieve your goals. We offer Traditional and Roth IRAs. Our IRAs are available as certificates of deposits (CDs), with various terms available. Call us today for our great rates on Individual Retirement Accounts (IRAs) at: (304) 457-3300 or contact us online.

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Traditional IRA

The Traditional IRA allows you to make contributions to your account with pretax dollars. Use this IRA to lower your taxable income, which can reduce the amount you have to pay in taxes. Any individual under the age of 70½ who has earned income may contribute to a Traditional IRA, and may make annual contributions up to the maximum IRA limits set by the IRS. Your earnings grow tax-deferred until withdrawal. Distributions, or withdrawals, are permitted any time after the age of 59½. These must begin no later than April 1st following the year in which the IRA owner reaches the age of 70½

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Roth IRA

Roth IRA contributions are made with after-tax dollars, which means it does not lower your taxable income. An individual with earned income, regardless of age, may contribute up to the maximum IRA limits set by the IRS. The advantage to a Roth IRA is that your earnings grow tax-free, and your withdraws are tax-free. Plus, you will not have to pay taxes on this money when you retire. Regular contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59 ½ or older.

Uses and Benefits of an IRA from BCBank, Inc.

An IRA from BCBank, Inc. gives working individuals an effective way to save for retirement. Depending on income level, marital status, and whether you participate in an employer-sponsored retirement plan, contributions may be fully or partially tax deductible. Interest earned is tax deferred. Federal income tax is not paid on earnings until withdrawn from the IRA. IRAs are a great way to supplement Social Security income after retirement. Tax-deferred investments grow faster than investments made without this benefit. Speak with us today about your retirement goals and let BCBank show you how the right IRA may be the perfect vehicle to reach retirement with assurance.

Financial Calculators

Retirement Financing

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Traditional vs. Roth

Which is better, a Traditional IRA or a Roth IRA? Traditional IRAs offer tax-deferred earnings and tax-deductible contributions. Roth IRAs offer tax-free earnings, but contributions are not deductible.


IRA Information

Traditional vs. Roth Current Traditional IRA amount
Traditional vs. Roth Current tax bracket
Traditional vs. Roth Retirement tax bracket
Traditional vs. Roth Estimated investment rate of return
Traditional vs. Roth How much do you plan to save each year
Traditional vs. Roth Amount Saved is
Traditional vs. Roth Maximum IRA sheltered contribution
Traditional vs. Roth How many years until you retire

Traditional IRA

Use this calculator to compute the amount you can save in a tax-deferred Traditional IRA. Contributions to your Traditional IRA are usually tax deductible now, but you pay taxes when you withdraw the funds in retirement.


IRA Information

Traditional IRA Annual Deposit Amount
Traditional IRA Number of Years to Save
Traditional IRA Rate of Return
Traditional IRA Income Tax Rate

Roth IRA

Use this calculator to compute the amount you can save in a Roth IRA where you pay taxes on your income now, but withdraw the funds tax-free in retirement. Because this is a Roth IRA, your contribution limit is after taxes and your effective contribution limit is higher than a Traditional IRA. This calculator allows you to enter your annual deposit amount in "Before Tax" dollars so that the after tax deposit amount is automatically computed for you.


IRA Information

Roth IRA Annual Deposit Amount
Roth IRA Deposit amount is
Roth IRA Current Tax Rate
Roth IRA Number of Years to Save
Roth IRA Rate of Return

Retirement Savings

Use this calculator to find out how long you can make recurring withdrawals of a specified amount from your savings account.


Financial Information

Retirement Savings Start Balance
Retirement Savings Withdrawal Amount
Retirement Savings Rate of Return
Retirement Savings Compounding Period

Retirement Rate

Use this calculator to find out what rate of return you would need to make recurring withdrawals of a specified amount from an account.


Financial Information

Retirement Rate Starting Balance
Retirement Rate Withdrawal Amount
Retirement Rate Number of Withdrawals
Retirement Rate Withdrawal Period

Retirement Funding

Use this calculator to find out how much money you must have in your savings account to make recurring withdrawals of a specified amount.


Financial Information

Retirement Funding Withdrawal Amount
Retirement Funding Rate of Return
Retirement Funding Number of Withdrawals
Retirement Funding Withdrawal Period

Monthly Spending

Use this calculator to compute how much you will be able to regularly withdraw from your savings account before you run out.


Financial Information

Monthly Spending Starting Balance
Monthly Spending Rate of Return
Monthly Spending Number of Withdrawals
Monthly Spending Withdrawal Period
Calculator Information

The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.

Calculator Disclaimer

These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.