Individual Retirement Account -- IRA
An IRA is a great way to save for your retirement, with two options to choose from.
- Traditional IRA
- Defer taxes on your earnings until they are withdrawn.
- Certain contributions may be tax deductible in the tax year for which they are made.
- Roth IRA
- A nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period.
- Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA that from a Traditional IRA.
- Education IRA
- A nondeductible account that features tax-free withdrawals for a child’s education expenses.
Please contact any of our branch offices to learn more about Individual Retirement Accounts.