Individual Retirement Account (IRA) Options

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Planning for Your Future Has Never Been Easier

Whether you're looking for a secure, fixed return or a more flexible, growth-oriented approach, we've got you covered with our Individual Retirement Account (IRA) options. Start by choosing how you would like to fund your IRA – with termed CD or Variable contributions.

IRA CDs

You can choose to fund your IRA with CDs offering a locked rate and term. Our IRA CDs offer a fixed rate of return with terms ranging from 1 week to 5 years. The longer the term, the higher the rate. It's a straightforward, reliable way to grow your retirement savings.

Variable-Rate IRAs

Our Variable IRAs provide a flexible way to save for retirement over a 12-month period. Make contributions throughout the year and enjoy tax-deferred growth. Note that distributions within this period may incur penalties, except for Required Minimum Distributions or qualified events.

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Choose your tax advantages, by selecting how you contribute funds to your IRA CD or Variable-Rate IRA:

Traditional IRA Contribution: A Traditional IRA helps you save for retirement with tax benefits now and tax-deferred growth on your investments.
Roth IRA Contribution: A Roth IRA helps you save for retirement with the benefit of tax-free growth and withdrawals, making it a great option if you expect to be in a higher tax bracket in the future.

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Key Features & Benefits

Tax Advantaged

Funds grow tax-free (Roth) or on a deferred basis (Traditional) until retirement.

FDIC Insured

IRAs are insured up to the maximum allowed coverage.

Stability

IRAs offer a stable alternative to investment IRAs.

Plan Your Retirement with Confidence

Use our IRA calculators to explore how different contributions, timelines, and interest rates can impact your retirement savings. These tools help you make informed decisions and set goals that align with your financial future.

Retirement Savings & Social Security Calculator

IRA & Employer Retirement Plan Savings Calculator

Understanding IRA Tax Advantages

Select the option that best suits your situation. Tax benefits vary based on the type of IRA contributions you choose. Make an informed decision to optimize your savings potential:

	Traditional IRA Contribution	Roth IRA Contribution
Current Tax Situation	Higher tax rate now, lower later Need tax deduction now Income too high for Roth	Lower tax rate now, higher later Prefer tax-free withdrawals Income within Roth limits
Eligibility	Anyone under 70 ½ with earned income	Income-based restrictions apply
Tax Advantages	Contributions may be tax-deductible; earnings grow tax-deferred	Contributions are not tax-deductible; earnings grow tax-free
Withdrawals	Taxed at current rate; penalty for early withdrawal before 59 ½	Contributions can be withdrawn tax-free anytime; earnings are tax-free if conditions are met
Required Distributions	Must begin at age 70 ½	No Required Minimum Distributions
Contribution Limits	Subject to annual IRS limits	Subject to annual IRS limits

Traditional IRA Contribution

Current Tax Situation	Higher tax rate now, lower later Need tax deduction now Income too high for Roth
Eligibility	Anyone under 70 ½ with earned income
Tax Advantages	Contributions may be tax-deductible; earnings grow tax-deferred
Withdrawals	Taxed at current rate; penalty for early withdrawal before 59 ½
Required Distributions	Must begin at age 70 ½
Contribution Limits	Subject to annual IRS limits

Roth IRA Contribution

Current Tax Situation	Lower tax rate now, higher later Prefer tax-free withdrawals Income within Roth limits
Eligibility	Income-based restrictions apply
Tax Advantages	Contributions are not tax-deductible; earnings grow tax-free
Withdrawals	Contributions can be withdrawn tax-free anytime; earnings are tax-free if conditions are met
Required Distributions	No Required Minimum Distributions
Contribution Limits	Subject to annual IRS limits

Ready to Kickstart Your Journey to a Secure Retirement?

Open Your IRA Swing by your nearest branch to get started.

Choose Your Plan Prefer a fixed rate and set term? Go with an IRA CD. Want more flexibility? Opt for a Variable-Rate IRA.

Make Your Contribution Decide between a Traditional or Roth contribution based on your tax situation.

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Frequently Asked Questions

Does Midland offer additional retirement options?

Yes, our Financial Advisors at Midland Wealth Management offer a variety of retirement products and bring specialized expertise to assist with your retirement planning. Call 1-888-637-2120 to speak with an advisor or view our IRA investment account options.

What does it mean if contributions may be tax-deductible?

When you contribute money to a Traditional IRA, you may be able to deduct that amount from your taxable income for the year.

For example, if you earn $60,000 in a year and contribute $5,000 to your Traditional IRA, you may be able to deduct that $5,000, reducing your taxable income to $55,000. This deduction can lower your overall tax bill for that year.

The ability to deduct your contribution may depend on factors such as your income level, filing status, and whether you or your spouse are covered by a retirement plan at work.

What does it mean if earnings grow tax-deferred?

The investments within your Traditional IRA can grow without being taxed each year. This includes any interest, dividends, or capital gains that your investments earn.

Taxes on these earnings are deferred until you withdraw the money from the IRA, typically during retirement.

Deferring taxes allows your investments to compound more effectively over time, potentially resulting in greater growth compared to if the earnings were taxed annually.

How do I know if I should choose a traditional IRA or a Roth IRA?

You should always consult your tax advisor to help you determine what is best for your situation. Often, the simplest way for a person to decide between a Traditional IRA and a Roth IRA is to consider their current and future tax situations. Here’s a straightforward approach:

Current vs. Future Tax Rate:

Traditional IRA: Choose this if you expect your tax rate to be lower in retirement than it is now. Contributions are tax-deductible, which reduces your current taxable income. Withdrawals in retirement are taxed as ordinary income.

Roth IRA: Choose this if you expect your tax rate to be higher in retirement than it is now. Contributions are made with after-tax dollars (no immediate tax deduction), but withdrawals in retirement are tax-free.

Schedule a meeting to open an IRA at a branch near you.

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Midland States Bank and its representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.

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