First National Bemidji Investment Services

Retirement and Investment Planning

Whether your retirement is a few months or a few years in the future, you'll want to make sure you have a solid plan in place. We offer a no-obligation review designed to help you make these important decisions. That assessment will include your risk and comfort level with your investment portfolio, what your budget allows for investment and the various factors in your personal situation. Our recommendations are not based on commissions. 

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For more information, call Ryan Welle at 218-333-4314 or David Balmer at 218-333-9613. We are available to meet with you to discuss your investment options. 

 Welle and Balmer

Ryan Welle and David Balmer - Registered Representatives

1600 Paul Bunyan Drive NW

Bemidji, MN 56601

Tax-Deferred Accounts

Saving for your retirement is an important choice. First National Bank Bemidji deposit services representatives have a wealth of knowledge and information. They can work with you to help you to create a retirement plan or maintain the tax-deferred status of your pension or profit sharing plan when you retire. We can provide you with brochures and other information and are available to answer your questions. Call our Deposit Services Department at 218-333-4340 or stop by any of our offices.

You may contribute any amount up to $6000 of earned income each year. You can contribute the same amount for your spouse if one or both of you are wage earners. One of you must be a wage earner. Your earnings must be equal to or exceed your contribution. Additionally, if you are age 50 or older by the end of your tax year, you are eligible to make catch-up contributions.

 Contribution Limits - Individual Retirement Accounts
 Tax Year  Contribution Limit  Catch-Up Limit**  Total Limit for Age 50 and Over
 2021 $6,000 $1,000  $7,000 
 2022 and later years  $6,000 + COLA* $1,000  $7000 + COLA* 

* Subject to annual cost-of-living adjustments (COLAs), if any.

** Contributions allowed in addition to basic annual contribution
Depending on your Adjusted Gross Income (AGI) you may be able to fund both a Roth and a Traditional IRA. You will want to check with your tax preparer to determine deductibility and if you are eligible to contribute to a Roth IRA.

An IRA is good choice if you are seeking to defer taxes. Starting your retirement savings with a Traditional IRA will give you the benefit of many years of tax-deferred savings. A Traditional IRA is also an option if your income is too high to be eligible for a Roth IRA, or you believe you will be in a lower tax bracket in retirement. A Traditional IRA can be tax deductible. Taxes are deferred until you retire and you pay taxes only on the amount you withdraw.
Roth IRAs are good choice if you’re seeking tax-free withdrawals in retirement and want to avoid required minimum distributions (RMDs) beginning at age 72. These are an excellent option if you’ll be in the same or a higher tax bracket in retirement. Roth IRAs offer you an opportunity to create tax-free income during retirement. Roth IRAs can often be funded in addition to Traditional IRAs. Income limits may apply. Check with your tax-preparer for information.

If you are required to take a distribution from a qualified tax deferred savings plan or pension, you can roll it over without paying taxes until you begin to receive payments or make withdrawals. This is referred to as an IRA Rollover. There is no limit to the amount of money that can be contributed to an IRA rollover as long as the funds are coming from a qualified plan.

The Education IRA is now known as a Coverdell Education Savings Account (CESA.) Anyone can fund a Coverdale Education Savings Account. Education accounts are a useful tool for parents, grandparents and other adults who want to start a saving plan for education expenses. The contribution limit is $2000 per year. Contributions are not tax-deductible, but earnings and qualified educational expense distributions are tax-free. Recent changes allow more options for use of the funds.

A Health Savings Account (HSA) is used in conjunction with a high deductible health plan. An HSA allows you to set aside funds to pay for eligible medical expenses with pre-tax dollars. We provide you with a debit card for your HSA. Use it anytime you wish to access funds in your HSA.

HSA Debit Card

Important Facts about HSAs:

  • Anyone with a high deductible health plan can open an HSA.
  • Your employer may make contributions to your HSA.
  • HSAs are owned by the individual.
  • You are allowed to make a one-time transfer without tax consequences to fund your HSA.

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Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.

Neither First National Bank Bemidji or First National Bemidji Investment Services are registered broker/dealers, nor are they affiliated with Raymond James Financial Services. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including possible loss of principal.

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