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Retirement Accounts

Let us help you plan a retirement nest egg. In this day and age you can no longer solely rely on social security and your pension to get you through your retirement years. Every person needs to plan out their future and look at all of the alternatives. The Ottoville Bank Company is your one stop retirement planning center. See our IRA Specialist for all your retirement planning needs!

Traditional IRA
An Individual Retirement Account which allows annual contributions per compensated individual and additional Catch-up Contributions for persons age 50 and older. The deductibility of your IRA depends on your participation in a pension plan at your place of employment and your tax filing status.

Roth IRA
The Roth IRA is an nondeductible account that features tax free withdrawals for certain distribution reasons after a five year holding period. Your modified adjusted gross income (MAGI) cannot exceed certain limits.

Education Savings Account (CESA)
The Education IRA is a nondeductible account that features tax-free withdrawals for a very specific purpose - a child's higher education. While similar to the Traditional and Roth IRAs, qualified distributions from an Education IRA are penalty-free and tax-free. There are contribution limits per child, per year.

Simplified Employee Pension Plan (SEP)
The Ottoville Bank Company also offers the Simplified Employee Pension for small businesses wishing to provide a retirement saving plan for employees.

All of the above accounts are FDIC insured up to $250,000.00.

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