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SouthStar Bank has opened two relief funds to support the flood recovery efforts in Kerr & Williamson counties. Contact your local branch to donate!

To learn more about our mobile app, online banking, and more, watch our video tutorials.

Secure Documents: What to Keep and How Long

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Over the years, the number of essential documents in your possession often stacks up. The accumulation of documents can make it increasingly challenging to determine which documents should be kept secure and for how long. Outlined below is a list of several documents that are vital to keep safe and secure, along with a rough timeline for their retention.

Forever Documents:

  • Birth Certificates
  • Marriage and Divorce Records
  • Social Security Cards
  • Loan Payoff Statements
  • Retirement/Pension Records
  • Estate Documents
  • Military Service Records
  • Death Certificates
  • Loan Documents
    • Loan Statements and Documents should be kept until the loan is paid off, at which point you should keep the Loan Payoff Statement
  • Vehicle Titles
    • Titles should be held for as long as you own the vehicle
  • Home Improvement Purchase Receipts
    • Proof of all home improvements should be kept until you sell the home
  • Investment Statements

Three to Seven Years:

  • Tax Records
  • Medical Bills

One Year:

  • Credit Card Statements

While keeping physical and/or original copies of these documents is beneficial, it is also wise to scan important documents and store them digitally on a secure device. For monthly, quarterly, or annual statements, options are often made available for electronic statement delivery. This can expedite the record-keeping process and prevent potential fraud in the event that one of your statements is lost or stolen. Always remember to keep your accounts updated in the event you change your email, phone number, home address, etc., to ensure no documents are delivered to the wrong place.

Source: The Washington Post

Welcome Hilary Hernandez

Hilary Hernandez, Assistant Vice President & Branch Manager | SouthStar Bank Gonzales

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Hilary Hernandez has joined the SouthStar Bank Gonzales team as an Assistant Vice President and Branch Manager. Hilary is well-versed in banking, with nearly two decades of experience in the industry, including a year spent previously with SouthStar Bank. In her role as Branch Manager, Hilary is excited to bring her passion for customer service alongside her hunger to continue learning new things. She looks forward to instituting her inclusive style of leadership and helping her team learn and develop.

Outside of work, Hilary enjoys embarking on beach vacations, shopping, hosting backyard BBQs, and having movie nights with her kiddos! One of her crowning achievements is her career in banking, as well as her journey and development throughout her 18 years in the industry.

Welcome to the team, Hilary!

Operations Update 6.7.25

IMPORTANT OPERATIONS NOTICE

To enhance our systems and better serve you, we will be upgrading our data center over the weekend. This necessary conversion will improve long-term reliability, security, and performance. 

During the transition, our Online Banking will be in inquiry-only mode with transactions history only appearing for transactions prior to Friday, June 6th at 5:00pm. During this time, debit card limits may also be impacted. Zelle®, money transfers, and mobile deposits—will not be accessible. If you currently use your debit card for person-to-person payments apps those funds will be unavailable during this period.

The systems will be restored on Monday, June 9, 2025.  We encourage you to plan ahead and appreciate your understanding as we work to bring you an even better banking experience.

 

 

IRA Withdrawal Rules: What to Know Before You Retire

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Planning for retirement involves more than just saving money; it’s also about understanding how and when to access your retirement funds. SouthStar Bank proudly offers Individual Retirement Accounts (IRAs) to support your retirement goals. These accounts provide unique benefits targeted at putting you in a great position to retire when your career comes to a close. While these accounts offer several advantages, your IRA will also have withdrawal restrictions. Understanding IRA withdrawal rules and regulations is essential for avoiding penalties and maximizing the benefits of your IRA.

Before diving into the IRA withdrawal rules, it’s essential to review the two primary types of IRAs: Traditional IRAs and Roth IRAs. The rules for withdrawing funds differ depending on which one you have.

  • Traditional IRA: Contributions are typically tax-deductible when you make them, but withdrawals are taxed as ordinary income.
  • Roth IRA: Contributions are made with after-tax dollars, so you won’t pay taxes on withdrawals if certain conditions are met.

A crucial milestone for both Traditional and Roth IRAs is reaching the age of 59½. Once you reach this age, you can withdraw from your IRA without facing the IRS’s 10% early withdrawal penalty. However, some specific nuances depend on the type of IRA.

Traditional IRA Withdrawal Rules

As mentioned previously, contributions made to Traditional IRAs are tax-deductible. This means that withdrawals made after the age of 59½ won’t be penalized but will be subject to income tax unless you’ve made non-deductible contributions to your account. The IRS mandates that you start taking Required Minimum Distributions (RMDs) from your Traditional IRA at age 73.

Roth IRA Withdrawal Rules

For Roth IRAs, the rules are a bit more flexible. You can withdraw your contributions at any time (after the age of 59½), tax and penalty-free, since those contributions were made with after-tax dollars. However, to withdraw earnings without taxes or penalties, you must meet two conditions:

  1. You must be at least 59½ years old.
  2. Your Roth IRA must have been open for at least five years.

If you withdraw earnings before meeting these requirements, they could be subject to taxes and a 10% penalty.

Required Minimum Distributions (RMDs)

As mentioned, Traditional IRAs require RMDs starting at age 73. These are the minimum amounts you must withdraw each year, which are based on your account balance and life expectancy. Roth IRAs, however, do not require RMDs during the account holder’s lifetime, making them an attractive option for those who want to leave their IRA funds to heirs.

The 10% Early Withdrawal Penalty

If you need to access your IRA funds before age 59½, you’ll generally face a 10% early withdrawal penalty. However, there are several exceptions to this rule. Some of the most common exceptions for both Traditional and Roth IRAs include:

  • Disability
  • First-time home purchase (up to $10,000)
  • Qualified education expenses
  • Medical expenses exceeding 7.5% of your adjusted gross income
  • Health insurance premiums during unemployment

It’s essential to check whether your specific situation qualifies for an exception before making an early withdrawal.

Planning Ahead

Understanding the rules surrounding IRA withdrawals is essential for making informed decisions about your retirement. While the 59½ and 73 age milestones are key, planning for taxes and RMDs ahead of time can help you avoid unnecessary penalties.

Have more questions regarding IRA withdrawals or looking to open an IRA to kickstart your retirement? Contact your local SouthStar Bank branch or reach out to our IRA experts at IRA@southstarbank.com.

Resources for Your Small Business

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May is National Small Business Month! As a small business owner, utilizing the excellent resources designed to help your business thrive and grow is essential. The links below provide information on various programs and resources offered by several different organizations.

The U.S. Chamber of Commerce offers many resources for Small Businesses. Explore 18 various resources targeted at your needs!

The Small Business Administration (SBA) provides a wealth of resources designed for businesses just getting started to businesses that have been around for decades! The SBA also provides funding for businesses. SouthStar Bank is a preferred SBA lender. Contact your local branch for more details!

The U.S. Department of the Treasury offers Small Business Programs targeted at specific needs common among small business owners.

The Texas Governor’s Office of Small Business Assistance assists small and medium Texas businesses through advocacy, entrepreneurial support, education, and technical assistance.

Are you looking for a bank for your business, or do you have any questions? Contact your local branch today!

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