Individual Retirement Accounts
Plan ahead for retirement and take advantage of tax-deductible savings now, or save for your child's education.
Please contact an United Bank Office Manager for an appointment to discuss your specific needs (812) 424-0921 or 1-800-280-8280.
Individual Retirement Arrangements
An IRA is a retirement savings plan which enjoys preferential tax treatment. Contributions may be partially or wholly deductible on income tax returns. An individual, up to the age of 70 1/2 may contribute to an IRA even if she/he is an active participant in another retirement plan.
Roth Individual Retirement Arrangements
A Roth IRA is a type of retirement account which enjoys tax free distributions, including earnings. Earnings are tax free if the account is open for five taxable years and withdrawn for a qualified reason: attainment of age 59 �, disability, death, or a first time home purchase (lifetime limit for exemption on first time home purchase is $10,000).
Simplified Employee Pension
A Simplified Employee Pension (SEP) is a written arrangement that allows an employer to make deductible contributions for the benefit of participating employees. The contributions are made to individual retirement arrangements (IRAs) set up for participants in the plan.