EMPLOYER SPONSORED RETIREMENT PLANS
Employee recruitment and retention can be enhanced for your business by offering an employer-sponsored retirement plan. As a prototype plan sponsor, Hilltop Bank has the ability to offer 401(k) Plans, 403(b) Plans, Profit Sharing Plans, Money Purchase Plans, Simplified Employee Pension Plans, and SIMPLE Plans.
- Plan Design & Installation
- Participant Allocation & Record Keeping
- Plan Reporting & Disclosures
- Employee Communication
- Prototype Plan Documents
- Online Access for Participants
- Investment Offerings
INDIVIDUAL RETIREMENT ACCOUNTS
Below are various types of Individual Retirement accounts. Hilltop Bank can provide investment management services for your IRA. We’ll design and implement an investment plan that is in line with your risk tolerance, time horizon, and liquidity needs. We can also prepare a financial plan to see if you are on track to meet your retirement goals.
CUSTOMIZED PORTFOLIOS TO MEET YOUR INDIVIDUAL RETIREMENT GOALS.
A Traditional IRA is tax-deferred. Generally, a tax deduction is received for contributions. Taxes are paid on both the principal and interest when distributed. No contributions can be made after age 70½. Required Minimum Distributions must begin by April 1st following the year you reach age 70½.
SEP IRAs are a retirement account designed for self-employed individuals. Generally, a tax deduction is received for contributions. Contribution limits in a SEP IRA are much higher than in a Traditional IRA. Contributions can be made after age 70½, however Required Minimum Distributions must begin by April 1st following the year you reach age 70½.
Roth IRAs are purchased with after-tax money which means there is no deduction for contributions. The benefit of a Roth is that it grows tax-free. If employed, one can contribute to a Roth after age 70 and there are no Required Minimum Distributions. Note that there are income limitations and exceptions. It is recommended that you consult a tax professional to aid in determining which type of IRA is best for you.
ROLLOVER INDIVIDUAL RETIREMENT ACCOUNT (IRA)
The Rollover IRA is designed for individuals receiving a large lump-sum distribution as a result of retirement, death, disability, change of job, plan termination or as an elected transfer or withdrawal. Certain payouts from a pension or profit sharing plan can be rolled over to an IRA with no tax implications. To defer taxes on the distribution, the rollover must be made within 60 days. Hilltop Bank is also able to receive a direct rollover from a qualified plan to an IRA that will also meet the rules for tax deferral.
Our Retirement Calculator can help you kickstart planning for your retirement.
Retirement Savings Calculator — calculate savings required to reach retirement goal
This calculator easily answers the question "Given the value of my current investments how much do I need to save each month to reach my retirement goal?"
The user enters their "Current Age", there expected "Retirement Age", the "Annual Interest Rate (ROI)" (annualized Return on Investment one expects to earn) and "Amount Desired At Retirement".
The calculator quickly calculates the required monthly investment amount and creates an investment schedule plus a set of charts that will help the user see the relationship between the amount invested and the return on the investment. The schedule can be copied and pasted to Excel, if desired.
If you need a more advanced "Retirement Calculator" — one that calculates many more unknowns and one that calculates assuming retirement income and not a final lump sum then try the calculator located here: https:/financial-calculators.com/retirement-calculator
Planning for retirement is essential for you and your family. Our investment professionals can help you develop a solid retirement plan that ensures you will have the funds you need to enjoy a comfortable and rewarding retirement.
Have questions? Call our Trust Department at (307) 577-3470.