A couple sitting next to each other in front of a lake, surrounded by trees.

Individual Retirement Accounts

Begin saving today and make those golden years a little more golden! 

Individual Retirement Accounts (IRA) can help you meet your financial goals by saving for retirement. Hometown Community Banks offers Traditional, Roth, Simplified Employee Pension (SEP), and Savings Incentive Match Plans for Employees (SIMPLE) IRAs. Please contact your Customer Service Representative for more information.

Traditional vs. Roth

Traditional and Roth IRAs each offer unique tax advantages to help you expedite your retirement savings. Compare the difference below and consult a tax advisor to see what type of IRA is right for you and your family.

Traditional IRA

  • Contributions may be tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59 ½
  • Early withdrawals are subject to penalty**
  • Mandatory withdrawals start at age 73
  • Anyone can make contributions as long as you have earned income
     

Roth IRA

  • Contributions are NOT tax-deductible
  • Earnings are 100% tax-free at withdrawal*
  • Withdrawals can begin as early as age 59 ½
  • Early withdrawals are subject to penalty**
  • No mandatory distribution age required
  • Anyone can make contributions as long as you have earned income

SEP IRA

A Simplified Employee Pension (SEP) plan allows employers to contribute for their employees. A business of any size, including those self-employed, can establish a SEP.
 

SIMPLE IRA

A Savings Incentive Match Plans for Employees (SIMPLE) IRA plan is a type of tax-deferred employer-provided retirement plan.

*Subject to conditions.Consult a tax advisor.
**Certain exceptions apply. Consult a tax advisor.

Routing Number
071123204
Call Us
(888) 418-5585
Find a Branch or ATM


  • Morton Community Bank is an Illinois Chartered Bank which includes Clock Tower Community Bank and all your Hometown Community Banks. 
Morton Community Bank
Morton, IL
NMLS #422122
Member FDIC
2024 - All Rights Reserved