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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.
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