Individual Retirement Accounts - IRAs | Rock Springs | Commerce Bank of Wyoming
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Individual Retirement Account (IRA)

Plan for your retirement now so you can play later.

Retirement looks a little different for all of us and our desires can change over time. Whatever retirement looks like for you, one thing is certain; it’s never too late to start saving for your future. The sooner you start saving, the more earning potential you have!

We offer a variety of Individual Retirement Accounts to help you meet your retirement goals:

Traditional IRA

A Traditional IRA allows you to contribute pre-tax dollars. Your earnings grow tax-deferred however distributions are reported as income. Upon reaching age 59 ½ individuals can withdrawal without penalty from the IRS. This IRA savings arrangement gives you immediate tax benefits as it reduces your taxable income now. This option is best suited for an individual who expects to be in a lower tax bracket upon retirement.

The IRA contribution limit in 2023 for a Traditional IRA is $6,500, $7,500 if over age 50. The Traditional IRA contribution limit for 2024 is $7,000, $8,000 if over age 50.

Roth IRA

A Roth IRA allows you to contribute after-tax dollars. Your earnings grow tax-free and qualified distributions are generally tax and penalty free after age 59 ½. This IRA savings arrangement is not tax deductible. This option is best suited for an individual who expects to be in a higher tax bracket upon retirement.

The IRA contribution limit in 2023 for a Roth IRA is $6,500, $7,500 if over age 50. The Roth IRA contribution limit in 2024 is $7,000, $8,000 if over age 50.


A Simple IRA (Savings Incentive Match Plan for Employees) is designed for small businesses with less than 100 employees. This is a great way for small businesses to offer a retirement plan for their employees. Employers must either match employee contributions (up to 3% of the contributing employee’s compensation) or make non-elective contributions of 2% of the employee’s compensation. Contributions are pre-tax dollars and grow tax-deferred until withdrawn. Upon reaching age 59 ½ individuals can withdrawal without penalty from the IRS.


Business owners fund a SEP (Simplified Employee Pension) IRA for their employees. This option offers tax-deductible and tax-deferred investment growth until retirement. Withdraws are taxed as income, similar to a traditional IRA. Self-employed individuals may also open a SEP IRA for themselves. In a SEP IRA, only the employer contributes to the plan for themselves if self-employed or to their employees.

Beneficiary IRA

Also known as an Inherited IRA, a Beneficiary IRA is an account established to hold assets inherited from a deceased person’s IRA or 401(k) plan. 

Spousal IRA

A Spousal IRA allows a working spouse to contribute on behalf of a non-working spouse with little or no income. Spousal IRA’s can be established as either a Roth or Traditional IRA.

How to Fund your Individual Retirement Account (IRA):

IRA investment options include an IRA Savings account or IRA Certificate of Deposit. Once you determine the best IRA plan and type of account to invest in, it’s time to fund your plan.


You can contribute funds each year into an IRA. The IRS imposes annual contribution limits, therefore, we encourage you to speak with a tax consultant to ensure eligibility and contribution amount.


Move money from other qualified retirement plans or accounts into one of our IRAs.


Transfer an IRA from another financial institution into an IRA at NebraskaLand Bank. Contact one of our knowledgeable Personal Bankers today to start a transfer request.


Whether you've been saving for years or are just getting started, an Individual Retirement Account (IRA) is an important investment tool. IRAs supplement retirement income because personal savings, private pension plans, and Social Security may be insufficient to meet financial needs upon retirement. 

Contact our experienced team of Personal Bankers in Rock Springs to determine which IRA investment is right for you.

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