Individual Retirement Accounts (IRA)

Everyone jokes about retiring early and wealthy.

While we can’t promise either, we can help you get started in the right direction with an Individual Retirement Account (IRA). An IRA can also mean great tax advantages so you can put and keep more money in your pocket.

To help you save for retirement, we offer several types of IRA accounts. While each has specific advantages, the main benefit of an IRA is that you might be able to avoid paying taxes on the interest you earn until you withdraw your money. This helps your savings grow faster. You may also save money on taxes, too. Because by the time you’re ready to spend the money in your account (at retirement), you may be in a lower tax bracket than when you invested the money.

Whether you’re just collecting your first paycheck or nearly ready to begin enjoying your retirement, we can help.

Our first piece of advice: only invest in an IRA if you are sure you will not need to withdraw your money early (in most cases, early means within 5 years of opening your account or before you are 59 ½) because the IRS penalties can be expensive.

Facts About Individual Retirement Accounts

  Traditional IRA Roth IRA Education IRA/Coverdell ESA

Designed for

People who expect to be in a lower tax bracket once they retire

People who expect to be in the same or higher tax bracket when they retire

People who want to help pay for the educational expenses of someone under the age of 18


You must be still collecting a paycheck

Any age, and still earning a paycheck

Anyone can contribute; the beneficiary must be under the age of 18

Tax features

Contributions are made with pre-tax dollars; your account grows tax-deferred

Contributions are made with after-tax dollars; your account grows tax-deferred; if you qualify, withdrawals may be tax free too

Your account grows tax-free; no tax on earnings used for eligible education expenses; may be used to pay for elementary or secondary school

Annual Contribution Limit

$6,000; $7,000 if over 50

$6,000; $7,000 if over 50

Up to $2,000, depending on your annual earnings

Other considerations


Can be used for estate planning and offers the benefit of tax-free income to your heirs


Beneficiary must use funds by age 30; account can be transferred to relative



Pay less in taxes, save more for you


No fees to start investing


You can open an account with as little as $500


We have several types to choose from

Get the Most from Your Retirement Savings

Helpful Tips for Retirement Saving

Saving for retirement can seem daunting. We've compiled some helpful articles to get you started.
  • Retirement: What you need to know to get on track and stay there.

  • Five Discouraging Retirement Myths Busted.

  • Alternative Ways to Save for Retirement.

  • Is Unretirement Right for You?


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This calculator is to be used for estimation purposes only. Years to reach saving goals are based on interest compounded monthly. We are showing you your potential account balance based on the amount invested, selected interest rate and length of time you choose to grow your savings. Since it is up to customers to correctly input rates and terms the financial institution is not responsible for its accuracy and the results are not guaranteed. Rate changes weekly. Interest credited monthly. Average daily collected balance method used to calculate interest. For current rates, contact your local Pinnacle Bank today.

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