IRAs - popular ways to save for retirement
or education
We offer competitive IRA products to help you start saving for your
retirement or education expenses. With as little as $1,000, you can
open an IRA, make an unlimited number of deposits, and grow tax-free
money to begin building a financially secure retirement.
The Traditional IRA allows anyone under age 70 1/2, and with earned
income, to set aside money for retirement on a tax-deferred basis.
Contributions may be tax-deductible, depending on your income and
whether or not you participate in a retirement plan at work.
Benefits of our Traditional
IRA include:
- $1,000 minimum deposit
- Make additional deposits anytime
- Earnings grow tax-free
- Contributions can be made before age 70 1/2
- Contribute $4,000 per year ($5,000 if you are
age 50 and over), or 100 percent of your earned income, whichever
is less
- Withdrawals may be made after age 59 1/2
The Roth IRA offers benefits that may make it an excellent retirement
savings vehicle for some investors, allowing anyone with earned income,
within certain income limits, to contribute. Contributions are not
tax-deductible, but qualified withdrawals of contributions and earnings
are made tax-free.
Benefits of our Roth IRA include:
- $1,000 minimum deposit
- Make additional deposits anytime
- Make contributions at any age
- Contribute up to $4,000 per year ($5,000 if you
are age 50 and over), or 100 percent of your earned income, whichever
is less
- Qualified distributions are tax-free
- No required minimum distribution
Benefits of our Coverdell IRA
include:
- $1,000 minimum deposit
- Earnings grow tax-free, provided money is used
for qualified educational expenses
- Contribute up to $2,000 per year for each child
- Transfer unused funds to a family member with
no penalty
- Tax-free withdrawals for qualified expenses,
including tuition, fees, books, supplies, and more
Coverdell IRAs, previously called Education IRAs,
are trusts created solely to pay the qualified education expenses
of the student designated as the beneficiary of the trust. The tax
treatment of Coverdell accounts is similar to that of Roth IRAs.
Contact one of our offices today to learn more
about our IRAs and start planning for your retirement and educational
needs today.
