Individual Retirement Account (IRA)
At different stages in your life, you face different financial needs.
Not only is opening an IRA account a safe and secure way to prepare
for your retirement, it’s great for saving for other major
events such as college tuition or unexpected emergencies. We have
several IRA accounts to choose from and you may be eligible to deduct
your IRA contributions from your taxable income.*
The Traditional IRA
A Traditional IRA plan offers three basic benefits:
Security for your retirement years; tax-deferred interest until you
withdraw your funds (as early as age 59-1/2); and a possible deduction
from annual gross income on your federal income tax return.
The Roth IRA
Unlike a Traditional IRA, there is no requirement to begin
withdrawals at age 70-1/2. Retirement savers can have both a Traditional
and a Roth IRA, but combined contributions in any tax year are limited.
Contributions to Roth IRA’s are not tax-deductible. However,
like Traditional IRA accounts, earnings are tax-deferred. Once the
account has been open for five consecutive tax years, owners may
take tax-free distributions if they meet any of
the following criteria:
- Member is at least age 59 ½
- Member becomes disabled
- The funds are used toward a first-time home purchase
- Death results in a distribution to the account beneficiary
* Consult your tax advisor for details
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